Economic Calendar Analysis
This week, on Wednesday, the US ISM Manufacturing PMI and JOLTS Job Openings could cause an adjustment in the value of the US Dollar at 15:00 GMT.
Afterwards, at 19:00 GMT, the release of the US Federal Open Markets Committee Meeting Minutes are set to impact the value of the US Dollar. The Meeting Minutes are set to reveal more details on the Federal Reserve's previous meeting and rate decision.
On Thursday, the US ADP Non-farm Employment Change might impact the value of the US Dollar at 13:15 GMT.
On Friday, The United States employment data release at 13:30 GMT is highly likely going to impact the US Dollar. Later on, at 15:00 GMT the ISM Services PMI is set to cause minor impact on the financial markets.
EUR/USD hourly chart
An extension of the ongoing decline might look for support in the weekly S3 simple pivot point at 1.0514 and the 1.0500 mark. Further below, note the December support levels at 1.0450, 1.0400 and 1.0300.Meanwhile, a potential recovery of the Euro against the US Dollar could encounter resistance in the weekly S2 simple pivot point at 1.0556 and the 1.0550 level. Higher above note the 1.0575/1.0595 zone and the 1.0600 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is approaching the 1.0500 mark, which acted as resistance in late November and as support in early December.Meanwhile, note the support of the 50-day simple moving average near 1.0410 and the 2022 support and resistance zone at 1.0350/1.0400.
Daily chart
Read More: Technical Analysis
Traders close short positons
On Monday, trader open positions were bearish, as 61% of open position volume was in short 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 Tuesday, these traders took profits, as only 51% of volume remained short. Pending orders were 51% to sell.