Economic Calendar Analysis
This week, the market could move due to a couple of scheduled macroeconomic data releases.
On Tuesday, note the release of the European Consumer Price Index at 09:00 GMT. This publication is bound to move the Euro.
Also on Tuesday, the US Institute for Supply Management Manufacturing Purchasing Managers Index could move the markets via the US Dollar at 14:00 GMT. However, at the same time, the JOLTS Job Openings numbers will be out. The two releases can double their impact or cancel one another.
On Wednesday, the US Dollar could adjust to the publication of the ADP Non-Farm Employment Change at 12:15 GMT.
On Thursday, the Institute for Supply Management will publish the Services sector Purchasing Managers Index at 14:00 GMT. Large deviation from the forecast could cause a USD move
The top event of the week is scheduled for Friday. At 12:30 GMT, the US monthly employment data sets will be published. The release consists of the Average Hourly Earnings change, the Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart analysis
A move above the 1.1200 mark could face resistance in the 1.1223 level, where the weekly R1 simple pivot point is located at. Higher above, note the weekly R2 at 1.1284 that might act as resistance, before the EUR/USD reaches the 1.1300 mark.On the other hand, a decline of the Euro against the USD is set to look for support in the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point at 1.1153 and possibly the 1.1150 level. If these levels fail to hold, the pair could once again look for support in the 1.1120 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate is testing the upper boundary of the 1.1130/1.1200 resistance zone that kept the pair down in August and September.Daily chart
Read More: Technical Analysis
Traders add to short positions
This week, on Monday, traders were bearish, as 74% of volume was in short positions.
Meanwhile, pending orders in the 100-base point range around the pair were 55% to buy.
On Wednesday, traders were 70% short and orders were 56% to sell.
The data reveals that since Wednesday, traders have added more to short positions, but are not likely to continue to do so.