The EUR/USD has started the week at 1.1020 level. In general, the rate was being pushed down by the 55 and 100-hour simple moving averages, which were located at 1.1043 and 1.1061.
Meanwhile, the pair had no technical support as low as the 1.0967 level. However, the 1.1000 mark should provide psychological support.Economic Calendar Analysis
This week, US data is set to impact the EUR/USD currency exchange rate through the value of the US Dollar.
On Wednesday, at 13:30 GMT the US Consumer Price Index and Core Consumer Price Index are set to be published. The event has caused moves on the EUR/USD charts from 7.7 to 26.9 pips.
The US PPI and Core PPI data sets are scheduled to be released on Thursday at 13:30 GMT. This is a minor data release, but still worth taking into account due to the possibility of it creating a move above ten pips.
Since April 2019, the event has caused moves from 5.1 to 14.8 pips.
On Friday, the US Retail Sales data sets will be out at 13:30 GMT. The release has caused moves from 13.7 to 24.3 pips.
The week's reaction tables have been published. Take a look at the 11.11-15.11 Event Historical Reactions publication.
Read More: 11.11-15.11 Event Historical Reactions
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair declined to the psychological level at 1.1020. During today's morning, the pair was trading near the given level.Note that the exchange rate is pressured by the 55– and 100-hour moving averages, currently located circa 1.1050. Thus, some downside potential could prevail in the market in the short run, and the rate could surpass the 1.1000 level.
However, note that the currency pair has been trading within the falling wedge pattern since the beginning of November. From a theoretical perspective, it is likely that a breakout north could occur. In this case the pair could face the resistance level formed by the weekly and monthly PPs at 1.1070.
Hourly Chart
On the daily candle chart, the pair has passed the support of the 55-day simple moving average, which has been left at 1.1041. The rate no longer has support provided by daily simple moving averages.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
Since Friday, 69% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
The sentiment had been near this level for a week.
Meanwhile, pending trade orders were to mostly to buy, as 80% of orders in the 100-pip range were to buy and 20% were to sell. Previously, the orders were 81% bullish.
Traders continue to short the decline of the EUR/USD with close by take profits and stop losses.
Moreover, some intend to open long positions in the case of a reversal.