Economic Calendar Analysis
This week, watch out for the publication of the US Producer Price Index data on Wednesday at 13:30 GMT. The data will reveal inflation at the production level.
In addition, the US Retail Sales data is set to be published together with the PPI. The retail sales are set to signal whether or not the US consumers are continuing to purchase goods, despite the ongoing inflation.
EUR/USD hourly chart
A resumption of the rate's surge could be caused by the approaching 100-hour simple moving average. However, note that the 50-day SMA failed to cause a move upwards. The potential surge of the Euro against the USD could encounter resistance in the 1.0865/1.0875 range.On the other hand, a decline of the currency pair would look for support first in the 1.0800 level. Further below, note the weekly simple pivot point at 1.0779 and the 1.0760 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair continues to pass one resistance level after another, as the pair has reached above the May 2022 high of 1.0790.Meanwhile, previous resistance zones and levels are being observed as turning into support.
Daily chart
Read More: Technical Analysis
Traders are short
In the aftermath of the US CPI release, trader open positions were bearish, as 59% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to sell the Euro against the USD.
On Tuesday, traders were 58% short and orders were 56% to buy.