Economic Calendar Analysis
Notable data releases start on Monday. The US ISM Manufacturing PMI could cause a EUR/USD move from 9.1 to 14.5 pips.
On Wednesday, the US ADP Non-Farm Employment Change at 13:15 GMT will be on the headlines. However, the market does not care, as since December 2 the rate has moved only 4.3 to 8.5 pips on the release.
On the same day, at 15:00 GMT the US ISM Non-Manufacturing PMI could cause a move from 8.3 to 16.9 pips.
On Friday, at 13:30 GMT the US will publish its monthly employment data. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate. The EUR/USD has moved from 15.7 to 22.8 pips on the publication since October.
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
On Monday morning, the EUR/USD currency exchange rate was recovering from the Friday's low level of 1.2065. During the early hours of European trading, the rate was testing the resistance of the 1.2100 mark.If the currency rate manages to pass the resistance of the 1.2100 mark, the pair could reach for the resistance of the weekly simple pivot point at 1.2127 and the 200-hour simple moving average at 1.2125. Meanwhile, additional resistance could be provided by the 55 and 100-hour simple moving averages near the 1.2150 mark.
On the other hand, in the case of the rate bouncing off the resistance of the 1.2100 mark, it could aim at the February low level of 1.2020 and the weekly S1 simple pivot point at 1.2011.
Hourly Chart
On the daily candle chart, the rate has pierced the support of the channel up pattern, which guided the rate all of February. In the meantime, the rate was being approached by the support of the 100-day simple moving average, which was located at 1.2025.
Daily chart
Read More: Technical Analysis
Short sentiment declines
On Monday, on the Swiss Foreign Exchange trader open positions were short, as 57% of open position volume was in short positions.
On Friday, the sentiment was 60% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy the pair.
On Friday, 61% of orders were to buy.