Economic Calendar Analysis
The second week of April is set to be busy, as US Consumer and Producer Price Index data will be published. In addition, the central banks of New Zealand, Canada and Euro Zone are set to make rate statements.
In regards to the EUR/USD, note the European and United States events.
On Tuesday, at 12:30 GMT, the US Consumer Price Index will reveal, how the US inflation has continued to grow, as some market analysts speculate that month-on-month inflation for consumers in the United States could soon hit the 1.00% mark. Expect the US Dollar's value to adjust to the news.
During the middle of Wednesday's trading, at 12:30 GMT, the US Producers Price Index data will reveal how prices have changed at the production level. Most likely, the USD is set to move due to the release.
On Thursday, at 11:45 GMT, the European Central Bank is scheduled to release its Main Refinancing Rate and Monetary Policy Statement. The Euro is set to react to the event. In addition, note that the central bank is set to host a press conference at 12:30 GMT.
Also at 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the Euro continues to lose value, compared to the US Dollar, the pair might look for support in the weekly S2 simple pivot point at 1.0818 and the March low level zone at 1.0807/1.0820.On the other hand, a recovery of the European currency versus the Dollar would have to pass the 50-hour simple moving average, before approaching the technical levels at 1.0920/1.0940.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed the support of the 23.60% Fibonacci retracement level at 1.0886. The retracement levels are measured by connecting the 2017 low and 2018 high levels.Note the March low level at the 1.0810 level.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Thursday, on the Swiss Foreign Exchange trader open positions were long, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Friday, the sentiment was still; 65% long and pending orders were 51% to buy.