Economic Calendar Analysis
On Monday, the US ISM Manufacturing PMI will be published at 14:00 GMT. The rate has moved from 8.2 to 20.3 pips on the release since June 2021.
On Wednesday, at 12:15 GMT the US ADP Non-Farm Employment Change could cause a minor USD move. The EUR/USD has reacted to the event with moves from 8.4 to 15.0 pips.
Later on, at 14:00 GMT the US ISM Non-Manufacturing PMI will be out. During the event, the pair has moved from 6.6 to 32.2 pips.
Wednesday will end with the US Federal Open Markets Committee Statement and Federal Funds Rate publication at 18:00 GMT. The EUR/USD has moved from 29.1 to 67.1 base points during the time of the publication.
On Thursday, at 12:30 GMT, the US Unemployment Claims on Thursday might cause a minor USD move. The rate has moved 7.6 to 16.7 pips, as the Claims are released.
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved EUR/USD from 21.7 to 50.1 pips since June 2021.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the rate continues to recover, it could encounter resistance in the last week's low level zone at 1.1585/1.1590. A surge above this zone would most likely encounter resistance in the 55, 100 and 200-hour simple moving averages in the 1.1610/1.1620 zone.Meanwhile, a decline of the EUR/USD might find support in the 1.1535 level. Below the 1.1535 level, the weekly S1 simple pivot point could provide support at the 1.1501 level. Moreover, the 1.1500 mark could act as a support level on its own.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD started the decline before reaching the combined resistance of the 55-day simple moving average, the 61.80% Fibonacci retracement level and the 1.1700 mark. In regards to support levels on this chart, note the 50.00% Fibonacci retracement level at 1.1454.Daily chart
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Traders go long
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 57% of open position volume was in long positions.
On Friday, 53% of volume was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.