Economic Calendar Analysis
On Tuesday note the US Consumer Price Index data set release at 13:30 GMT. The data release is set to impact the US Dollar's value. Higher than expected inflation would be seen as pressure on the Federal Reserve to hike interest rates or keep the higher for longer, which in turn would strengthen the US Dollar.
On Wednesday, the US Producer Price Index and Retail Sales data sets are also set to impact the US Dollar. Higher Retail Sales and higher inflation at the production level are also set to signal that the Federal Reserve has to and can increase interest rates.
EUR/USD hourly chart analysis
A surge of the Euro against the US Dollar is set to face various resistance levels. Initially, the 1.0720 level could reverse another attempt at moving higher. Afterwards, note the early November high level range at 1.0745/1.0755. Immediately next to the high level range the mid-September high is set to act as resistance at 1.0766. Higher above, note the 1.0800 mark.In the case of a currency pair decline, the rate would have to pass below the support range at 1.0655/1.0665, before approaching the 1.0600 mark. The round exchange rate level has been impacting the rate as support and resistance throughout October and early November. Below 1.0600, note the November low level at 1.0520.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has broken the resistance zone at 1.0635/1.0695 and the 50-day simple moving average. In the near term future, the pair could look for support in the zone.On the other hand, note the approaching 100 and 200-day simple moving averages that could provide additional resistance near 1.0760 and 1.0830.
Daily chart
Read More: Technical Analysis
Traders are short
Recently, the Swiss Foreign Exchange traders were 52-56% in short positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 51-57% to sell the Euro against the US Dollar.