Economic Calendar Analysis
On Tuesday, the EUR/USD currency exchange rate could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI. The pair has moved from 9.1 to 40.0 pips on the release since July.
On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP Non-Farm Employment Change, US Unemployment Claims and the US ISM Non-Manufacturing PMI are set to be published. All of these releases have not caused increases of USD volatility despite being discussed by the financial media.
On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings. The EUR/USD has moved from 15.7 to 28.9 pips on the announcement.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
On Monday, as forecast, the EUR/USD tested the resistance of the 1.2000 mark. This level held and caused a drop of the EUR/USD. The decline of the rate was slowed down by the 55-hour SMA, which was also passed. Eventually, the rate reversed at the technical support of the 100-hour simple moving average.In the near term future, the rate was expected to be pushed up by the 55 and 100-hour SMAs into another test of the resistance of the 1.2000 mark. If the resistance holds and the support of the SMAs gets passed, the rate would aim at the combined support of the weekly simple pivot point at 1.1910 and the 200-hour SMA, which is approaching the pivot point.
On the other hand, in the case of the resistance of the 1.2000 being broken, the rate would immediately find resistance in the weekly R1 simple pivot point at 1.2020.
Hourly Chart
On the daily candle chart, it can be observed that the 1.2000 mark kept the rate down on August 31.
Daily chart
Read More: Technical Analysis
Traders remain short
On Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 60% of open position volume was in short positions.
On Monday, the sentiment was 62% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the pair.