On Friday, the pair was back near 1.0700.
Economic Calendar Analysis
The top event of the week will take place on Tuesday at 13:30 GMT. The US Consumer Price Inflation data will be published at that time. The inflation data is set to reveal whether the US Federal Reserve was correct in its assumptions that inflation had slowed down its pace of growth.
On Wednesday, watch out for the US Retail Sales data and the Empire State Manufacturing Index. Both of these events might impact the US Dollar's value at 13:30 GMT.
On Thursday, the US Producer Price Index is set to reveal how inflation has changed at the producer level. The publication is scheduled for 13:30 GMT.
EUR/USD hourly chart
A decline below the support zone at 1.0670/1.0680 might result in the pair looking for support in the 1.0650, 1.0600 and 1.0550 levels. In addition, note the mid-December low level zone at 1.0570/1.0590. Further below, note the 2023 low level at 1.0500.On the other hand, a recovery of the Euro against the US Dollar could encounter resistance in the 1.0762/1.0766 zone, the 1.0800/1.0805 support and resistance range. Meanwhile, note the late January low level zone, which might turn into resistance at 1.0835/1.0840.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the channel down pattern, which guided it up since October. In addition, the pair has reached below the support zone near 1.0700 and the 50-day simple moving average. However, for a broader decline to occur, the EUR/USD has to clearly break off the 1.0700 mark.Daily chart
Read More: Technical Analysis
Traders are going long
On Friday, trader open positions were bullish, as 53% 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.