Economic Calendar Analysis
On Tuesday, the US Producer Price Index and Core Producer Price Index at 13:30 GMT could cause minor USD volatility. The EUR/USD has moved from 8.6 to 19.2 on the release.
On Wednesday, at 13:30 GMT, the US Consumer Price Index and Core Consumer Price Index will be released. In addition, the weekly US Unemployment Claims are set to be out at the same time. If the data sets combined beat or disappoint forecasts, a notable move in all USD assets might occur.
The CPI has caused moves from 19.2 to 45.3 pips since June. Meanwhile, the Unemployment Claims have created moves from 4.2 to 16.7 base points.
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
In the case that the pair continues to surge, the EUR/USD might test the resistance zone at 1.1617/1.1625 and the weekly R1 simple pivot point at 1.1620. Above these levels, the weekly R2 simple pivot point at 1.1670 might provide resistance.However, a potential decline of the rate might look for support in the combination of the 50 and 100-hour simple moving averages at 1.1570 and the weekly simple pivot point at 1.1567. Below these levels, the 1.1514/1.1537 zone of November and October low levels could keep the rate up.
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 are slightly bullish
On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 55% of open position volume was in long positions.
On Monday, 56% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 67% to sell the Euro against the USD.