Economic Calendar Analysis
This week, notable events are over. Next week's review is scheduled to be published on Monday.
EUR/USD hourly chart's review
A move above the 1.0550 level and the weekly R1 simple pivot point at 1.0553 could encounter resistance in the 1.0570/1.0600 zone, which acted as resistance in early May. However, take into account the range was pierced on May 4 during the Fed Rate hike. The following surge bounced off the 1.0640 level.On the other hand, a decline of the Euro against the US Dollar is expected to look for support in the combination of the April low level zone at 1.0472/1.0492, the 200-hour simple moving average and the 1.0500 mark. Further below, the weekly simple pivot point at 1.0451 could provide support together with the 50 and 100-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair reached the support zone of the 2017 low levels. Meanwhile, the lower trend line of the 2022 channel down pattern has been pierced.Daily chart
Read More: Technical Analysis
Traders are long
Since Friday, on the Swiss Foreign Exchange trader open positions were bullish, as 72% of open position volume was in long positions.
Meanwhile, on Monday, trader set up pending orders in the 100-pip range around the pair were 66% to sell the Euro against the USD.
On Friday, the orders were 71% to sell.
On Tuesday, open positions were 69% long and pending orders were 54% to sell. It could be concluded that profit taking had been taking place during the recent surge.