Economic Calendar Analysis
This week, the markets are looking forward to the European Purchasing Managers Indices that are set to be published on Tuesday starting from 07:15 up to 07:30 GMT. Most likely, the French and German data is going to impact the Euro's value.
At 13:45 GMT, the US Flash Services PMIs could impact the rate through an adjustment in the value of the US Dollar.
On Thursday, at 12:30 GMT the US quarterly Preliminary GDP data is set to cause a move in the US Dollar and all of financial markets.
EUR/USD hourly chart
If the pair declines below the 1.0000 mark, a follow up decline could look for support in the combination of the 0.9950 level and the weekly S1 simple pivot point at 0.9954. Further below, note the 0.9900 mark and the weekly S2 simple pivot point at 0.9875.On the other hand, a recovery of the Euro against the US Dollar might find resistance in the 50-hour simple moving average and the 1.0050 level. Above these levels, take into account the levels marked around 1.0100 and the weekly simple pivot point at 1.0111.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the forecast that the bounce off from 1.0350/1.0400 is set to result in the rate reaching the 1.0000 mark has become fact.In regards to the future, note that the pair needs to pass the 1.0000 mark and the July low level, prior to approaching the lower trend line of the 2022 channel down pattern.
Daily chart
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Traders are long
Prior to the FOMC Meeting Minutes, on the Swiss Foreign Exchange, trader open positions were bullish, as 61% 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 buy the Euro against the USD.
On Monday, 70% of open positions were long and pending orders were 57% to sell.