Economic Calendar Analysis
This week, the US Consumer Price Index release is set to dictate the short term direction of all financial markets. The data will be published on Thursday at 13:30 GMT.
EUR/USD hourly chart
In the case of the 1.0750 mark holding, the currency pair might look for support in the 1.0700 level and the 50-hour simple moving average. Further below, take into account the combination of the 100 and 200-hour SMAs near 1.0630.On the other hand, a move above 1.0750 could be slowed down by the 1.0800 mark and the weekly R2 simple pivot point at 1.0837.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed above the December high level zone. Next resistance on the chart is the 1.0790 level and the 1.0800 mark. The 1.0790 level is the high of May 2022.Meanwhile, note the support of the 50-day simple moving average near 1.0500 and the 2022 support and resistance zone at 1.0350/1.0400.
Daily chart
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Traders are short
On Tuesday, trader open positions were bearish, as 60% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to buy the Euro against the USD.