Economic Calendar Analysis
On Tuesday, the US ISM Manufacturing Purchasing Managers Index release at 15:00 GMT could cause USD moves.
On Wednesday, at 13:15 GMT, the US ADP Non-Farm Employment Change is set to be published. The event might cause minor USD volatility.
On Thursday, at 12:45 GMT the European Central Bank is set to publish its Main Refinancing Rate and Monetary Policy Statement. However, note that volatility is present during the Press Conference of the bank. The press conference is scheduled to start at 13:30 GMT.
The day will end with the US ISM Services PMI, which might cause minor volatility.
On Friday, the US is going to publish employment data at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the 200-hour simple moving average causes a surge, the pair would most likely test the resistance of the weekly R1 simple pivot point at 1.1293, before reaching the 1.1300 mark. A move above the 1.1300 level would have no technical resistance as high as the 1.1365 level, which acted as resistance in December.On the other hand, a decline below the 200-hour SMA and the 1.1250 mark could result in a decline to the weekly simple pivot point at 1.1208. In addition, take into account the 50 and 100-hour simple moving averages near the 1.1200 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the currency pair has passed below the support of the 38.20% Fibonacci retracement level at 1.1200. There is no close by support on the daily candle chart. Most close by levels are located below 1.1000. The 1.1000 mark could act as support on its own.Daily chart
Read More: Technical Analysis
Long sentiment decreases
Since Thursday, on the Swiss Foreign Exchange trader open positions were long, as 66% of open position volume was in long positions.
Meanwhile, on Monday, trader set up pending orders in the 100-pip range around the pair were 54% to sell the Euro against the USD.
On Tuesday, the sentiment changed, as 62% of volume was long, and pending orders were 62% to sell.