Economic Calendar Analysis
There are no more notable events scheduled for this week that could impact the markets.
EUR/USD hourly chart analysis
A move above the 1.0940/1.0950 zone is expected to encounter resistance in the weekly S1 simple pivot point at 1.0965. Higher above, the 1.1000 mark is bound to act as resistance.On the other hand, a decline of the Euro against the US Dollar is going to look for support in the 1.0870/1.0880 range and the weekly simple pivot point and the 200-hour simple moving average. Further below, support is expected to be found at 1.0840/1.0850.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recovery occured from the 100-day simple moving average. However, it is clear that fundamentals, not the SMA caused the move.The fundamental adjustment has moved the rate back to mid-July levels. In the near term future, the rate is expected to respect the round levels that have impacted it in the past.
In addition, we have spotted a channel up pattern that could guide the rate up to 1.1200.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, Dukascopy traders were shorting the pair, as 56% of all open position volume was in short positions.
Meanwhile, pending trader set up orders were set to sell. Namely, in the 100-point range around the pair 55% of orders were to sell and 45% were to buy.
On Wednesday, the open positons were 57% short and pending orders were 61% to sell.