In the meantime, it was spotted that the pair has been moving upwards in a wide channel up pattern since July 27. However, note that the pattern captures both the US Federal Reserve rate hike and the publication of the US GDP, which revealed that the US are in a recession.
Economic Calendar Analysis
On Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart
If the Euro continues to recover against the US Dollar, the currency pair might encounter resistance in the combination of the 1.0280 level, the upper trend line of the channel up pattern and this week's weekly R1 simple pivot point at 1.0290. Higher above, the 1.0300 mark is expected to act as resistance.On the other hand, a decline of the EUR/USD could look for support in the 1.0240 and 1.0220 levels, prior to reaching the strong support of the 1.0200 mark, which is strengthened by the 50 and 200-hour simple moving average and the weekly simple pivot point.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been trading around the 1.0200 mark throughout the second half of July. Meanwhile, the pair remains in a broad 2022 channel down pattern.Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 60% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to buy the Euro against the USD.
On Friday, traders were 62% long and orders were 58% to buy.