Economic Calendar Analysis
On Tuesday, the financial markets are expected to react to the US Producer Price Index and Core Producers Price Index release at 12:30 GMT.
On Wednesday, the US Retail Sales and Core Retail Sales is bound to impact the USD value at 12:30 GMT.
The top event of the month is scheduled for Wednesday's 18:00 GMT. The US Federal Reserve will publish its Economic Projections and Statement. The central bank is expected to hike interest rates. The question remains among market participants whether a 0.50% or 0.75% hike occurs.
Note that after the official announcement a press conference is scheduled for 18:30 GMT.
EUR/USD hourly chart's review
A continuation of the move downwards could look for support in the 1.0450, 1.0400 and 1.0350 levels and the weekly S1 simple pivot point at 1.0422, before once again approaching the 2017 low level at 1.0340.Meanwhile, a potential recovery of the Euro against the US Dollar is set to encounter resistance in the 1.0500 mark. Higher above, take into account the 1.0550 level and the approaching 50-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the upper trend line of the 2022 channel down pattern. The pair is approaching the support zone of the 2017 and 2022 low levels at 1.0350/1.0400.Daily chart
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Traders are mostly long
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, 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 53% to buy the Euro against the USD.