Economic Calendar Analysis
The week's notable events will start on Tuesday. At 12:30 GMT, the US statisticians are scheduled to publish the monthly Consumer Price Index and Core Consumer Price Index data. The EUR/USD has moved from 24.7 to 51.9 points in a span of ten minutes around the release since April 2021.
On Thursday, at 12:30 GMT, the US Retail Sales and Core Retail Sales data sets are set to be released to the public. The event has created moves from 9.5 to 21.7 pips since April.
Note that at the same time the US Unemployment Claims are scheduled to be released. This event has caused EUR/USD moves below ten pips during the last five releases. A 10 base point move for the EUR/USD is considered in the borders of normal volatility. Namely, despite media attention the market does not care about the Unemployment Claims. An exception to the rule were the coronavirus 2020 March and April releases.
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
If the rate bounced off the resistance line, it would most likely look for support first in the 55 and 100-hour simple moving averages near 1.1815. Afterwards, the rate could find support in the weekly S1 simple pivot point. However, take into account that the pivot point failed to provide support during Monday's trading.On the other hand, a breaking of the resistance line could result in the rate testing the combined resistance of the weekly simple pivot point and the 200-hour simple moving averages at 1.1836 and 1.1840. Above these levels, the weekly R1 simple pivot point stands at 1.1869.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has bounced off the zone that surrounds the 1.1900 level. The 1.1900 has kept the rate down since the start of July.Most recently, the rate found support in the 55-day simple moving average at the 1.1815 level. A passing of the SMA would leave the rate with no additional support on the daily candle chart as low as the 1.1707 level, where a 61.80% Fibonacci retracement level is located at.
Daily chart
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Traders are long
On Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 55% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the currency exchange rate.