Economic Calendar Analysis
On Wednesday, watch the European Manufacturing and Services sector Purchasing Managers Index results. Survey results for various countries are set to be released from 07:15 up to 08:00 GMT.
Later on, at 13:45 GMT, the US PMIs are scheduled to be released and could impact all of financial markets.
On Friday, the top event of the week is set to take place, as the head of the Federal Reserve, Chairman Powell, is set to give a speech on monetary policy at the Jackson Hole Symposium. Last year's speech was the catalyst for the September drop of the financial markets, as the USD gained value.
EUR/USD hourly chart
An extension of the ongoing decline is expected to look for support in the low level zone at 1.0835/1.0845. However, note that the rate had paused and reversed its direction twice at the 1.0860 mark.On the other hand, a recovery of the Euro against the US Dollar would have to pass the technical levels near 1.0890 and the 1.0900 mark, before approaching the 1.0930/1.0950 range.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair found support in the combination of the 200-day simple moving average and the 1.0850 mark, as it was forecast to be possible.Most recently, the rate appears to be squeezed in between the support of the mentioned levels and the resistance of the 100-day simple moving average near 1.0925.
Daily chart
Read More: Technical Analysis
Traders are bullish
On Tuesday, the Swiss Foreign Exchange traders were 59% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 53% to sell the Euro against the US Dollar.