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 is set highly likely going to look for support in the 1.0100 mark and the late July low level at 1.0097. Further below, note the lower trend line of the channel down pattern, the weekly S2 simple pivot point and the 1.0050 level.On the other hand, a recovery of the Euro would face resistance in the form of the 1.0150 level, the weekly S1 simple pivot point at 1.0156 and the upper trend line of the channel pattern. Higher above, note the 1.0200 mark, which is strengthened by the 50-hour simple moving average.
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
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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.
On Tuesday, the positions were 63% long and pending orders were 50% to buy.