Economic Calendar Analysis
This week, the EUR/USD is set to react to the European Central Bank Monetary Policy Statement releae on July 21, Thursday, at 12:15 GMT.
On Friday, the pair might react to two data releases. First of all note the European Markit Manufacturing and Services Purchasing Managers Indices in the span from 07:15 up to 08:00 GMT. Most notable will be the German data at 07:30 GMT.
Afterwards, at 13:45 GMT, the US PMIs might impact the rate through the US Dollar's value.
EUR/USD hourly chart's review
If the currency pair continues to surge, it is highly likely going to test the resistance of the 1.0190/1.0220 zone, which acted as resistance during the early trading of July. In addition, the weekly R1 simple pivot point at 1.0193 might strengthen the range. Higher above, note the 1.0250 mark and the resistance zone at 1.0270/1.0280.On the other hand, a potential decline of the Euro against the US Dollar might look for support in the 1.0100 mark and the 200-hour simple moving average. Further below, note the weekly simple pivot point at 1.0073 and the 50 and 100-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has found support in the lower trend line of the large scale channel down pattern, which has guided the rate down throughout 2022. In theory, the currency pair should recover until it encounters resistance. Resistance might be found in the previous low level zone at 1.0350/1.0400.Daily chart
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Traders remain long
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 67% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell the Euro against the USD.