On Monday, the rate bounced off the resistance range that was strengthened by the 100-hour simple moving average and the weekly simple pivot point at 1.0871. However, by midday it appeared that support was found in the 1.0850 level and the 50-hour simple moving average.
Economic Calendar Analysis
This week, notable events for the rate are scheduled for Thursday. Starting from 07:15 GMT up to 08:00 GMT European country Manufacturing and Services PMIs will be published. The results of the survey can cause high volatility, if sentiment from all countries is the same.
On the same day, at 13:45 GMT, the US S&P Global Manufacturing and Services PMIs will be published. The survey results could move the USD, if the released results are a lot different from the market forecasts.
On Friday, the markets could react to the publication of the US Durable Goods Orders at 12:30 GMT. However, this data release has not impacted the USD for quite a long period.
EUR/USD hourly chart analysis
In the near term future, a move below the 50-hour SMA might aim at the 1.0810/1.0815 support range. Below the range, support is expected to be found in the weekly S1 simple pivot point at 1.0806 and the 1.0800 mark.On the other hand, a recovery of the Euro against the US Dollar is set to result in a test of the 100-hour SMA, the weekly simple pivot point and the 1.0810/1.0815 range. Higher above, note the descending 200-hour simple moving average and the 1.0900 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is below the 200-day SMA. Moreover, the moving average has been confirmed as resistance.By analysing the chart, it can be the case that the rate finds support near 1.0800, before approaching the major support zone at 1.0635/1.0700.
Daily chart
Read More: Technical Analysis
Traders add to long positions
Last Monday, traders were bullish, as 55% of volume was in long positions.
On Wednesday, traders were 57% long.
By this week, already 62% were in bullish positions. Traders are expecting a recovery of the pair.
Meanwhile, trader pending orders in the 100-pip range around the current rate are set to buy. Namely, 63% of orders in that range are buy orders.