Economic Calendar Analysis
On Tuesday, at 13:30 GMT, the US Producers Price Index data will reveal, how high is the inflation at the production level.
Possibly the top event of the week will take place on Wednesday at 19:00 GMT, as the US Federal Open Markets Committee Meeting Minutes will be published. The Meeting Minutes provide an insight to the decisions of the US Federal Reserve.
On Thursday, the US Unemployment Claims could cause an adjustment of the USD value.
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 rate reaches below the weekly S1 simple pivot point at 1.1289, the EUR/USD might look for support in the lower trend line of the channel down pattern. Further below, note the weekly S1 simple pivot point at 1.1227.On the other hand, a recovery of the Euro against the US Dollar might test the resistance of the channel down pattern, before surging to the cluster of resistance levels near 1.1400. Near the 1.1400 mark the 50, 100 and 200-hour simple moving averages are located together with the weekly simple pivot point.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, on Monday, the pair passed below the 50-day simple moving average near 1.1330. If the rate clearly moves below the moving average, the next support on the daily candle chart would be the 1.1200 mark and the 38.20% Fibonacci retracement level located at it.Daily chart
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Traders go long
On Friday, on the Swiss Foreign Exchange trader open positions were short, as 53% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to buy the Euro against the USD.
On Monday, the sentiment was 54% long and pending orders were 69% to buy.