Economic Calendar Analysis
This week, there is only one notable scheduled event, which could impact the US Dollar and the financial markets. On Thursday, a minor move could occur due to the Philadelphia Federal Reserve Manufacturing Index release at 12:30 GMT.
EUR/USD hourly chart
A recovery of the Euro against the US Dollar might encounter resistance in the 200-hour simple moving average near 0.9770. Higher above note the 0.9800 level and the weekly R1 simple pivot point at 0.9807.On the other hand, a decline of the currency pair would look for support in the weekly simple pivot point at 0.9719 and the 0.9700 mark. Meanwhile, note that the 50 and 100-hour simple moving averages were being ignored. Further below, note the 0.9680 and 0.9640 levels.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the descending 50-day simple moving average and the 0.9860/0.9900 zone might once again act as resistance.Daily chart
Read More: Technical Analysis
Traders stick to long positions
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 63% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell the Euro against the USD.
On Monday, the positions were 64% long. Meanwhile, pending orders were 53% to sell.