Economic Calendar Analysis
Notable events start on Tuesday. At 14:00 GMT, the ISM Manufacturing PMI data is set to be published and might impact the US Dollar.
On Wednesday, at 14:00 GMT, the US JOLTS Job Openings could impact the market via an adjustment of the value of the US Dollar.
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
EUR/USD hourly chart analysis
A resumption of the prior decline would have to pass below 1.1040. Further below, the lower trend line of the channel pattern might slow down the pair's descent, before the 1.1000 mark is reached.On the other hand, a recovery of the Euro against the USD would face the 1.1100/1.1105 zone. Higher above, note the 100 and 200-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
Prior analysis: "On the daily candle chart, the pair has broken the upper trend line of the channel up pattern and reached the resistance of the major resistance zone at 1.1130/1.1200.A move through this major resistance zone could stop at the next high level range at 1.1235/1.1280.
On the other hand, a bounce off the resistance range could look for support in round exchange rate levels at 1.1100, 1.1050, 1.1000 and 1.0950. All of these levels have acted as support and resistance."
On Thursday, the pair appeared to have properly bounced off the resistance range and had reached below 1.1100 level's support.
Daily chart
Read More: Technical Analysis
Traders remain short
On Monday, traders were bearish, as 74% of volume was in short positions.
Meanwhile, pending orders in the 100-base point range around the pair were 63% to sell.
On Friday, traders were 72% short and orders were 61% to sell.