Economic Calendar Analysis
On Wednesday, at 12:30 GMT the US Retail Sales and Core Retail Sales data is set to impact the rate through the value of the US Dollar.
Namely, a decreasing or flat retail sales change month on month is set to cause an adjustment of the USD to the downside. Meanwhile, a higher than expected reading could be the catalyst of a surge of the Dollar.
At 18:00 GMT on Wednesday, the US Federal Reserve Meeting Minutes are bound to be published. The details included in the document might be the reason for a USD move.
EUR/USD hourly chart
A continuation of the decline of the Euro against the US Dollar, the pair might find support in the weekly S1 simple pivot point at 1.0156, prior to approaching the August support levels at 1.0142, 1.0123 and 1.0097.On the other hand, a recovery of the common European currency against the Greenback could encounter resistance in the 200-hour SMA at 1.0230 and the weekly simple pivot point at 1.0262. Higher above, note the 50 and 100-hour simple moving averages and the zone that surrounds the 1.0280 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the currency exchange rate has reached the combined resistance of the upper trend line of the 2022 channel down pattern and the 1.0350/1.0400 zone.In the near term future, the pair is expected to resume its decline and possibly even reaching the 1.0000 mark.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the Euro against the USD.