Economic Calendar Analysis
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
EUR/USD hourly chart's review In the case that the currency exchange rate surges, the pair would need to pass the resistance of the 1.1750 level before reaching for the weekly R1 simple pivot point at 1.1782. Above the pivot point, the 1.1800 mark could provide resistance just like it did during mid-August.
On the other hand, a potential decline of the rate would find support in the 200-hour simple moving average at 1.1730, the weekly simple pivot point at 1.1723, the 55-hour simple moving average at 1.1714 and the 1.1700 level. The 1.1700 level's support is being strengthened by the 100-hour simple moving average and a 61.80% Fibonacci retracement level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD currency pair breached 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 November low level of 1.1600. In the meantime, currency exchange rate could consolidate around the 61.80% Fibonacci retracement level in the shorter term.
Daily chart
Read More: Technical Analysis
Traders are long
Since Monday, on the Swiss Foreign Exchange trader open positions were long, as 63% of open position volume was in long positions.
On Friday, 65% of volume was bullish.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to sell the currency exchange rate.