Meanwhile, note that the pair has been slightly impacted by the combination of the 50 and 100-hour simple moving averages near 1.0810. By large, the future scenarios remain unchanged.
Economic Calendar Analysis
Watch out for the incoming release of the European, UK and US Manufacturing and Services Purchasing Managers Index survey results throughout Tuesday. The data will be released from 08:15 up to 14:45 GMT.
On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
EUR/USD hourly chart
A decline, could look for support in the combination of the 50 and 100-hour simple moving averages near 1.0810. Further below note the 1.0800 mark, the weekly simple pivot point at 1.0779. In the case of the rate passing these levels, the combination of the 1.0750 level and the 200-hour simple moving average might stop a decline.On the other hand, a surge of the Euro against the US Dollar would once again face the 1.0865/1.0875 zone. The zone has held since January 12 and has caused already five bounce offs from it.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair continues to pass one resistance level after another, as the pair has reached above the May 2022 high of 1.0790.Meanwhile, previous resistance zones and levels are being observed as turning into support.
Daily chart
Read More: Technical Analysis
Traders are still short
After the US PPI release, trader open positions were bearish, as 57% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.