Economic Calendar Analysis
This week, all attention will be paid to the US Federal Reserve Rate Statement on Wednesday at 18:00 GMT. It is set to set the tone for the rest of the central banks and the global economy.
In addition, note that on Thursday, the markets will be watching the US Advance quarterly Gross Domestic Product data at 12:30 GMT.
EUR/USD hourly chart's review
If the pair declines in the near term future, it would most likely once again look for support in the 1.0150 level. In addition, note the 200-hour simple moving average near 1.0140. Further below, the 1.0100 mark and the weekly S1 simple pivot point are expected to act as support.On the other hand, a resumption of the Euro recovery against the US Dollar would have to pass the 1.0250 level, before testing the resistance of the 1.0270/1.0280 zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has found support in the lower trend line of the large scale channel down pattern, which has guided the rate down throughout 2022. In theory, the currency pair should recover until it encounters resistance. Resistance might be found in the previous low level zone at 1.0350/1.0400.Daily chart
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Traders remain long
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 64% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to buy the Euro against the USD.
On Monday, the open positions were 63% long and pending orders were 56% to buy.