Economic Calendar Analysis
On Tuesday, at 12:30 GMT, the US Core Retail Sales and US Retail Sales are expected to be released. The Retail Sales have caused moves from 9.4 to 19.3 pips since January. The RS has moved the EUR/USD from 9.4 to 19.4 pips during this year.
On Wednesday, the top event of the week would occur. At 18:00 GMT, the US FOMC Meeting Minutes could cause a move from 10.8 to 54.3, as it had done since November 2020.
On Thursday, the US Unemployment Claims could cause a move from 5.9 to 28.8 pips.
EUR/USD hourly chart's review Given that a breakout has occurred, the exchange rate could continue to surge during the following trading session. The potential target for buyers will be near the weekly resistance level at 1.1832.
On the other hand, the EUR/USD currency exchange rate could reverse from the current price level at 1.1799 and target the 55– hour simple moving average at 1.1753 within this session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD currency pair bounced off a support line formed by the 61.80% Fibonacci retracement level at the 1.1700 area.The exchange rate appears to be heading to the resistance of the 55-day simple moving average at 1.1908. In the meantime, the price is fluctuating in the 1.1800 level.
Daily chart
Read More: Technical Analysis
Traders are long
On Friday, on the Swiss Foreign Exchange traders open positions were long, as 65% of the open position volume was in long positions. On Monday, 58% of the volume was bullish.
On Monday, trader set up pending orders in the 100-pip range around the pair were 59% to sell the currency exchange rate.