Economic Calendar Analysis
During the week, it is all about the US Dollar associated fundamental data, surveys and central bank policy. Only exception is the Bank of England rate decision on Thursday.
On Tuesday, the release of the US ISM Manufacturing Purchasing Managers Index survey results and the JOLTS Job Openings could cause a move of the US Dollar.
On Wednesday, the top event of them all will take place. At 18:00 GMT, the US Federal Reserve is set to publish its Federal Funds Rate and FOMC Statement. The market currently expects a 0.75% hike. Deviations from the 0.75% forecast are bound to cause an adjustment of the US Dollar's value.
Afterwards, at 18:30 GMT, the Chairman of the Federal Reserve Jerome Powell will host a press conference.
On Thursday, the Bank of England is scheduled to also hike its interest rate at 12:00 GMT. The central bank is bound to react to and comment on recent political events in the United Kingdom.
On the same day at 14:00 GMT, the US ISM Services PMI is expected to impact the value of the US Dollar.
On Friday, more important data will be published. At 12:30 GMT, the US Unemployment Rate, Non-Farm Employment Change and Average Hourly Earnings are expected to cause US Dollar's moves.
EUR/USD hourly chart
A decline of the Euro against the US Dollar could look for support in the 0.9900 mark and the 200-hour simple moving average. Further below take into account the support zones near 0.9800 and 0.9700.On the other hand, a potential recovery might encounter resistance in the 1.0000 level, before approaching 1.0050 and 1.0100 resistance levels.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 100-day simple moving average also failed to keep the rate down. Next resistance on this chart is the zone near 1.0400 and the 200-day simple moving average.However, the pair could firs look for support in the 50-day SMA and the zone at 0.9860/0.9900.
Daily chart
Read More: Technical Analysis
Traders are mostly bullish
Before the fundamental events, on the Swiss Foreign Exchange, trader open positions were bullish, as 58% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to sell the Euro against the USD.