Economic Calendar Analysis
This week, EUR/USD traders will be initially looking at the ISM Manufacturing Purchasing Managers Index survey results on Wednesday at 14:00 GMT. The publication is set to reveal how the US Manufacturing industry is looking at the future and with it impact the value of the US Dollar.
On Thursday, minor USD moves could occur due to the ADP Non-Farm Employment Change at 12:15 GMT and the US Unemployment Claims at 12:30 GMT. Minor moves are usually around ten to fifteen base points.
On Friday, one of the top events of the whole market will occur. Namely, the release of the US employment data at 12:30 is set to shake up the market. The release will consist of the US Unemployment Rate, Average Hourly Earnings Change and the Non-Farm Employment Change.
EUR/USD hourly chart's review
If the Euro resumes its surge against the US Dollar, the rate is expected to encounter resistance in the 1.0800 level and the weekly R1 simple pivot point at 1.0813. Higher above, the 1.0900 level and the weekly R2 pivot point at 1.0894 are highly likely to act as resistance.On the other hand, a decline of the currency exchange rate would need to pass the support zone at 1.0747/1.0765. Below the support zone, the 50 and 100-hour simple moving averages and the recent low level trend line could stop a potential move downwards near 1.0720/1.0740.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has moved above the 50-day simple moving average and on May 30 confirmed the SMA as support.If the pair continues to surge, the upper trend line of the 2022 channel down pattern near 1.0800/1.0850 is expected to act as resistance.
Daily chart
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Traders set up buy orders
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 57% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell the Euro against the USD.
On Monday, the open positions were 57% long and pending orders were 68% to buy.