At 13:30 GMT on Friday, US monthly Consumer Price Index data was published. CPI came in at 0.8% instead of forecast 0.7%. Meanwhile, Core CPI hit the forecast of 0.5%. The EUR/USD reacted to the news with a 42 base point or 0.37% jump upwards, as the USD lost value.
Economic Calendar Analysis
On Tuesday, at 13:30 GMT, the US Producers Price Index and Core Producers Price Index are expected to cause minor moves on all USD pairs.
On Wednesday, at 13:30 GMT, the US Retail Sales and Core Retail Sales are set to impact the USD.
Top event of the month is scheduled for 19:00 GMT on Wednesday. At that time, the US Federal Funds Rate, FOMC Statement and Economic Projections are going to be published. The USD is expected to be highly volatile.
At 08:30 GMT on Thursday, the German Manufacturing and Services Purchasing Managers Index survey results are set to be published. The Euro is bound to react to the results. Later on, at 09:00 GMT, the Euro Zone PMI survey results will be published and another move of the EUR could occur.
On Thursday, at 12:45 GMT the European Central Bank is scheduled to release the central bank's Monetary Policy Statement.
The week's notable events will end with the weekly US Unemployment Claims at 13:30 GMT and the US PMIs at 14:45 GMT. These events have rarely caused notable USD moves.
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 rate would pass the resistance of the 1.1320 mark, the EUR/USD could reach for the December high level zone at 1.1355/1.1360. Above the zone, the weekly R1 simple moving average at 1.1373 might stop a potential surge.On the other hand, a bounce off from the resistance could cause a decline. A potential decline might look for support in the technical levels at 1.1290/1.1300. In that range the 50, 100 and 200-hour simple moving averages were located together with the weekly simple pivot point. Below these levels, the support zone at 1.1260/1.1267 might stop a decline.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD pair found support in the 38.20% Fibonacci retracement level at 1.1200. Meanwhile, note that a recovery of the rate could find additional resistance at the 1.1454 level, where the 50.00% 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 long, as 64% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell the Euro against the USD.