The EUR/USD currency exchange rate started the week by reaching higher than it was previously expected. The pair reached above the 1.1160 level.
In the near term future, the rate was expected to trade sideways above the 1.1100 level, where it had retreated in the afternoon.
Economic Calendar Analysis
Already on Monday, a data release could cause a notable move on the EUR/USD charts.
The US ISM Manufacturing PMI is scheduled to be published at 15:00 GMT. This event has caused moves from 14.1 to 37.2 pips since October.
Some might consider watching the ADP Non-Farm Employment Change on Wednesday at 13:15 GMT. This event has mostly caused moves below ten pips. The exception was the 15.4 pip move in December.
On Wednesday, at 15:00 GMT the US ISM Non-Manufacturing PMI is set to be published. Last year, this event caused moves from 26.0 to 36.5 pips. This year, there were two moves of 7.9 and 9.1 pips.
On Friday, the US employment data will be released at 13:30 GMT. The event has caused moves from 15.5 to 41.4 pips since October.
This event consists of three data sets – the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings.
Meanwhile, week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
Read More: 02.03-06.03 Event Historical Reactions
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair tried to surpass the 1.1050 level. During today's morning, the pair raised to the 1.1100 level.On the one hand, it is likely that some upside potential could prevail in the market. In this case the exchange rate would have to surpass the weekly and monthly R1s in the 1.1120/1.1160 area.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future. In this case the currency pair could gain support of the 55-hout SMA near 1.1000.
Hourly Chart
On the daily candle chart, the rate has reached above the resistance of the daily simple moving averages. Moreover, the SMAs began to support the rate on Monday.
Daily chart
Read More: Technical Analysis
Traders short the pair
On Monday, the traders of the Swiss Foreign Exchange were short on EUR/USD, as 65% of all open position volume was in short positions.
Meanwhile, set up pending orders were set to sell, as 75% of orders in the 100-pip range were to sell and 25% were to buy.
Previously, 82% of orders were to sell and 18% were to buy.