On Monday the currency pair bounced off a resistance zone at 1.0825/1.0830. The zone was strengthened by the weekly simple pivot point at 1.0822 and the 100-hour simple moving average. Meanwhile, support appeared to be found in the 50-hour simple moving average near 1.0800.
Economic Calendar Analysis
This week, on Tuesday the Markit Services and Manufacturing PMIs for European countries are set to be released from 07:15 to 08:00 GMT. The releases could impact the Euro.
Also on Tuesday, the US PMIs will be published. The survey result release is scheduled for 13:45 GMT.
On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, The US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
EUR/USD hourly chart
A move below 1.0800 and the 50-hour SMA could once again look for support in the 1.0760 level. Further below, the weekly S1 could act as support at 1.0740, before the rate reaches 1.0700.On the other hand, a potential surge would have to break the 1.0825/1.0830 resistance zone. Higher above, the 200-hour SMA might act as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed below the 100-day simple moving average. Most recently, the pair retraced back up to the SMA to possibly confirm it as resistance.A continuation of the decline could look for support in the zone near 1.0750.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Monday, trader open positions were neutral, as 53% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.