During the morning hours of Tuesday's European trading, the rate was being squeezed in by the support of the 50 and 100-hour SMAs and the weekly simple pivot point at 0.9984 and the resistance of the 200-hour SMA. In general, a squeeze often ends with a sharp move either up or down.
Economic Calendar Analysis
This week, on Tuesday the release of the US CB Consumer Confidence and JOLTS Job Openings data at 14:00 GMT might impact the financial markets through the value of the US Dollar.
On Thursday, at 14:00 GMT, the US ISM Manufacturing Purchasing Managers Index could cause a market adjustment.
The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
EUR/USD hourly chart
In the case of a surge upwards, the pair would face no resistance as high as the weekly R1 simple pivot point at 1.0068 and the Friday's high level at 1.0090.On the other hand, a decline of the rate is expected to once again look for support in the 0.9900/0.9915 zone, before reaching the weekly S1 simple pivot point at 0.9878.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline of the EUR/USD has passed the July low level. Further below, the currency rate might look for support in the lower trend line of the channel down pattern.In the meantime, the resistance of the 50-day simple moving average has moved below the 1.0200 mark.
Daily chart
Read More: Technical Analysis
Traders close part of long positions
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 71% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 64% to sell the Euro against the USD.
On Tuesday, traders were 68% long and orders were 57% to sell.