Economic Calendar Analysis
This week, the EUR/USD could react to the publication of the German and Spanish Consumer Price Indices on Wednesday morning.
On Wednesday, at 13:30 GMT, the US Preliminary quarterly GDP is expected to impact the financial markets through the value of the US Dollar.
On Thursday, the publication of the US Core PCE Price Index at 13:30 GMT is most likely going to cause a USD move, as the US monetary policymakers watch this indicator.
EUR/USD hourly chart analysis
A breaking of the resistance zone could result in the pair testing the resistance of the weekly R1 simple pivot point at 1.0982. Higher above, take into account that the 1.1000 mark could provide resistance, before the weekly R2 at 1.1030 would be reached.However, a potential decline of the Euro against the US Dollar might look for support in the weekly simple pivot point at 1.0917 and the 50 and 100-hour simple moving averages. Further below, note the combination of the 200-hour simple moving average and the 1.0900 mark. Below these levels, the weekly S1 might slow a decline at 1.0869, prior to the pair reaching the support range at 1.0825/1.0830.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed above the 200-day simple moving average near 1.0830 and confirmed the SMA as support. Next target for a broader surge could be the 1.1100 mark and the 1.1250 level that have acted as resistance during summer.Daily chart
Read More: Technical Analysis
Traders are still shorting
On Monday, the Swiss Foreign Exchange traders were 65% in short positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 51% to sell the Euro against the US Dollar.
On Tuesday, the positions were 66% short, but orders were 52% to sell.