Economic Calendar Analysis
This week, the financial markets could adjust to the publication of the US Federal Reserve Federal Open Market Committee Meeting Minutes publication on Tuesday at 19:00 GMT. However, the impact of the minutes has been low during the prior months due to the release of the US monetary policymaker protocols not including anything new.
On Friday, take into account that the release of the European, United Kingdom and United States Markit Manufacturing and Services Purchasing Managers Indices are set to be published and impact respectively the Euro, Pound and the US Dollar. The publications are scheduled to be done throughout the day.
EUR/USD hourly chart analysis
A move of the currency pair above the 1.0960 level could result in the rate approaching the combined resistance of the 1.1000 mark and the weekly R1 simple pivot point at 1.0997. Higher above, note the 1.1050 mark and the weekly R2 simple pivot point at 1.1081.On the other hand, a decline of the Euro against the US Dollar is set to look for support in the 1.0900 mark. In addition, support could be found in the 50 and 100-hour simple moving averages near 1.0925 and 1.0880. Further below, note that the 1.0830/1.0840 range has acted as support. In addition, the weekly simple pivot point could act as support at 1.0831.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed above the 200-day simple moving average near 1.0830 and confirmed the SMA as support. Next target for a broader surge could be the 1.1100 mark and the 1.1250 level that have acted as resistance during summer.Daily chart
Read More: Technical Analysis
Traders set up sell orders
On Monday, the Swiss Foreign Exchange traders were 62% in short positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 52% to buy the Euro against the US Dollar.
By mid-Tuesday, positions were 65% short and orders were 66% to sell.