Economic Calendar Analysis
This week, all attention will be on the US Core PCE Price Index release on Friday at 12:30 GMT.
EUR/USD hourly chart
The next target for the decline could be the combination of the 1.0550 level and the weekly S2 simple pivot point at 1.0543. Further below note the 1.500 mark and the lower trend line of a channel down pattern.On the other hand, a proper recovery of the currency pair could encounter resistance in the 1.0600 mark and the 1.0620 level. Both of these levels have acted as support. Above the round levels, take into account the 1.0650 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 decline continues in the channel down pattern. Next target is the zone between 1.0500 and 1.0550. The zone marks the 2023 February and March low levels.Daily chart
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Traders are bullish
On Monday, the Swiss Foreign Exchange traders were 72% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 57% to sell the Euro against the US Dollar.
On Tuesday, the positions were 70% long and orders were 55% short.