Economic Calendar Analysis
Watch out for the US inflation data. On Wednesday, the US Producer Price Index is set to be published at 12:30 GMT.
Also on Wednesday, the US Federal Reserve will publish the FOMC Meeting Minutes. The minutes could reveal more information about the US monetary policy. The publication is scheduled for 18:00 GMT.
On Thursday, at 12:30 GMT, the US Dollar will react to the combination of the US Consumer Price Index and the weekly Unemployment Claims data. Markets will be looking at this release as the top one of the week.
EUR/USD hourly chart
A bounce off from the 1.0600 level is expected to result in the rate looking for support in the 1.0560 level and the 50-hour simple moving average. Below this level, it is highly likely that the rate could stop at the combination of the 100 and 200-hour simple moving averages, and the weekly simple pivot point at 1.0545. Further below, take into account the 1.0500 mark.However, in the case of the 1.0600/1.0620 range failing to hold, a potential EUR/USD surge could be slowed down by the weekly R1 at 1.0639. Higher above, note the combination of the 1.0700 mark and the weekly R2 simple pivot point at 1.0695.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern has continued to hold and cause retracements back up.Daily chart
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Traders set up sell orders
On Monday, the Swiss Foreign Exchange traders were 64% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 51% to buy the Euro against the US Dollar.
By mid-Tuesday, traders were 62% long and pending orders were 60% to sell.