In the near term future, the decline was expected to continue, as the rate had no technical support as low as 1.1574 and the rate was being approached by the resistance of the 55-hour SMA.
Economic Calendar Analysis
US Elections on Tuesday are bound to take away all attention from the macroeconomic data releases. However, there are things to note.
On Monday, the US ISM Manufacturing PMI could cause a notable move at 15:00 GMT. This event has caused EUR/USD moves from 7.0 to 40.0 pips.
On the day after the US Election, on Wednesday, the US ISM Non-Manufacturing PMI will be published at 15:00 GMT.
On Thursday, expect the weekly US Unemployment Claims to cause a minor move at 13:30 GMT. Throughout October, the event has caused EUR/USD moves from 7.4 to 13.6.
Later in the day, at 19:00 GMT, the US Federal Reserve will make a Rate Statement. Namely, the bank will react to the US Election and the following market reaction. Previously, the Fed had stated that they intend to stop a market crash, if one starts due to the election results.
On Friday, the US are publishing their monthly employment statistics. Among them will be the Average Earnings, Unemployment Rate and official Non-Farm Employment Change. In general, the Average Earnings and Employment Change reveal, how much USD is used for employment.
The currency exchange rate has moved from 15.7 to 51.8 pips on the announcement since June.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-hour moving average near 1.1675. In this case the rate could target the weekly S1 at 1.1574.In the meantime, it is unlikely that bulls could prevail in the market, and the currency pair could exceed the resistance level formed by the Fibonacci 61.80% retracement at the 1.1707 mark.
Hourly Chart
On the daily candle chart, the EUR/USD currency exchange rate passed the support of the 100-day simple moving average. On Monday, the SMA began to provide resistance.
In the meantime, there were no close by additional support levels on the chart.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Monday, on the Swiss Foreign Exchange trader open positions were neutral, as 51% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to buy the pair.