Economic Calendar Analysis
On Tuesday, the US Producer Price Index and Core Producer Price Index at 13:30 GMT could cause minor USD volatility. The EUR/USD has moved from 8.6 to 19.2 on the release.
On Wednesday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index will be released. In addition, the weekly US Unemployment Claims are set to be out at the same time. If the data sets combined beat or disappoint forecasts, a notable move in all USD assets might occur.
The CPI has caused moves from 19.2 to 45.3 pips since June. Meanwhile, the Unemployment Claims have created moves from 4.2 to 16.7 base points.
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
Next target for the recovery of the EUR/USD was the 200-hour simple moving average, which was located at the 1.1590 level. Above the SMA, the resistance zone of the last week's high at 1.1615/1.1625 and the weekly R1 simple pivot point at 1.1620 might keep the EUR/USD down.On the other hand, a decline of the rate could find support in the 100-hour SMA at 1.1570, the weekly simple pivot point at 1.1566 and the 50-hour SMA at 1.1555. Below these levels, the October low levels might once again act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD started the decline before reaching the combined resistance of the 55-day simple moving average, the 61.80% Fibonacci retracement level and the 1.1700 mark. In regards to support levels on this chart, note the 50.00% Fibonacci retracement level at 1.1454.Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Friday, on the Swiss Foreign Exchange trader open positions were long, as 60% of open position volume was in long positions.
On Monday, 56% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to sell the Euro against the USD.
The orders were 65% to buy on Friday.