Economic Calendar Analysis
On Tuesday, the US Consumer Price Index and Core Price Index are set to impact the markets through the US Dollar's value adjusting to US rate hike expectations. Namely, too high inflation is set to strengthen the USD, as the markets would expect higher rate hikes.
On Wednesday, at 12:30 GMT, the US Producer Price Index and Core Producer Price Index data will also impact the US Dollar.
Additional data will be published on Thursday, as the US Retail Sales and Core Retail Sales are set to be released at 12:30 GMT.
EUR/USD hourly chart
A continuation of the surge of the pair could encounter resistance in the combination of the weekly R2 simple pivot point at 1.0149 and the 1.0150 mark. Higher above, note the 1.0200 level and the weekly R3 simple pivot point at 1.0218.However, a decline of the Euro against the US Dollar might look for support in the 1.0100 mark, the 1.0080/1.0090 zone. Further below, take into account the 1.0050 mark and the weekly R1 simple pivot point at 1.0050. Afterwards, support could be found in the 1.0000 mark and the 50, 100 and 200-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has retraced back up and found resistance in the 50-day simple moving average at 1.0111.If the SMA fails to hold, the rate might test the combined resistance of the 1.0150 level and the upper trend line of the 2022 channel down pattern. Higher above, 1.0200 and 1.2050 levels might slow down a potential surge up tot eh 100-day SMA near 1.0300.
On the other hand, a decline is set to look for support in the 1.000, 0.9950 and 0.9900 levels. These levels represent the summer low levels that have managed to impact the currency pair.
Daily chart
Read More: Technical Analysis
Long sentiment decreases
On Thursday, on the Swiss Foreign Exchange, trader open positions were bullish, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.
On Friday, traders were 62% long and orders were 61% to sell.