Economic Calendar Analysis
During the week, most attention will be put on the US Consumer Price Index and Producer Price Index data. The data sets are expected to reveal the inflation in the United States in the aftermath of the first Federal Reserve Rate hike done in March. Consumer Price Index and Core Consumer Price Index number will be published on Wednesday at 12:30 GMT.
On Thursday, at 12:30 GMT, US Producer Price Index and Core Producer Price Index data will reveal inflation levels at the production level. In addition, take into account that the weekly US Unemployment Claims are scheduled to be released at the same time. Note that on their own, the claims have not been capable of increasing volatility. The moves on USD on April 28 were caused by the release of the negative US GDP, not the Unemployment Claims.
To see historical move tables click on the link below.
EUR/USD hourly chart's review
If the pair declines, the 1.0500 is expected to act as support, before the last week's low level zone at 1.0472/1.0492 is reached. In addition, take into account the weekly simple pivot point at 1.0471. Further below, the weekly S2 simple pivot point is located at 1.0397 and strengthens the 1.0400 level.On the other hand, a recovery of the Euro against the USD would have to pass the 1.0600 mark, before approaching the post-Federal Reserve rate hike high level zone at 1.0626/1.0642 and the weekly R1 simple pivot point. Meanwhile, note that the pair was ignoring the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 1.0535/1.0557
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, a new channel down pattern has been marked. The channel captures the rate's 2022 decline.Most recently, the pair appears to have encountered its lower trend line, which means that the pair moved too much from the broad decline's centre and the recent sell off resulted in the EUR/USD being oversold. Due to that reason, the pair has been consolidating by trading almost sideways between 1.0470/1.0490 and 1.0600.
Daily chart
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Traders are long
On Monday, on the Swiss Foreign Exchange trader open positions were bullish, as 74% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to sell the Euro against the USD.
On Friday, 73% of volume was long and pending orders were 64% to sell.