- SWFX market sentiment is 61% bullish today
- Pending orders in the 100-pip range are set to buy in 53% of cases
- No fundamental news on Monday according to the economic calendar.
The EUR/USD trades between the 200-hour and the 55-hour SMAs. Due to that reason it is expected that the currency exchange rate will trade sideways during the trading session.
Oil price have decreased after the US Crude Oil Inventories data release on Wednesday at 14:30 GMT. The one-minute candle lost 68 pips, or 0.96% right after the data release. In the next minutes the rate was trading at the 70.10 level.
The Energy Information Administration released the US Crude Inventories data that came out lower-than-expected of 6.5M, compare to forecasted 1.6M
"A tick higher in refining activity and a drop in production due to hurricane activity in the Gulf was not enough to halt a fourth consecutive climb in (inventories)- and a solid one at that," said Matt Smith, director of commodity research at ClipperData in Louisville, Kentucky.
No fundamental news on Monday according to the economic calendar.
For the first two days of the week there will be no macroeconomic data releases that might influence the EUR/USD. Although, macroeconomic data release traders are still set to be active this week.
The data release with the biggest impact will be on Friday. The Bureau of Economic Analysis will publish the Advance GDP q/q and the Advance GDP Price Index q/q at 12:30 GMT.
The data release is expected to cause some bounce in the EUR/USD currency pair.
EUR/USD short term review
In regards to the near-term future, most likely, the rate will trade sideways to stay near the 1.1500 level due to a lack of any fundaments during the trading day. The 200-hour SMA should resist the European Single Currency during the day.Besides, the 55-hour SMA will try to catch up the rate after the Friday's surge.
Hourly Chart
On the daily chart it can be observed that the lower trend line of the dominant ascending pattern has been broken. This has largely changed the whole situation on the pair's charts.
Due to that reason, on Tuesday, a full review of the currency exchange rate's daily chart will be conducted.
Daily chart
On Monday morning 53% of Swiss traders were long. Previously, 61% of traders were long.
Meanwhile, all of the traders have prepared pending trade orders, which might be executed in certain situations. All the take profits, stop losses, and position opening orders were set to sell in 47% of all cases.
The situation is slightly contradicting. While some traders have bought the EUR/USD, others have set up pending orders that would sell the EUR/USD, if it continues to decline.