Economic Calendar Analysis
On Tuesday, the US Prelim Nonfarm Productivity release at 12:30 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 12:30 GMT, the US Core Consumer Price Index is bound to cause USD volatility, which could impact the EUR/USD.
Afterwards, on Thursday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
EUR/USD hourly chart's review By and large, the currency pair is likely to continue to edge lower in a descending channel pattern during the following trading session. The possible target for the EUR/USD pair will be near 1.1680.
However, the currency exchange rate might encounter support near the weekly S1 at 1.1712 within this session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the exchange rate has pierced the support zone that surrounds the 1.1750 mark. In theory, the March low level near 1.1700 could be reached.On the other hand, a potential recovery would have no technical resistance as high as the psychological level of 1.1900. Daily chart
Read More: Technical Analysis
Traders are bullish on EUR/USD
On Monday, the open position volume was 63% long.
On Tuesday, on the Swiss Foreign Exchange traders, open positions were long, as 66% of open position volume was in long positions.
Traders set up pending orders in the 100-pip range around the pair were 70% to buy the currency exchange rate.