Economic Calendar Analysis
On Thursday, at 12:15 GMT, the ADP Non-farm Employment Change might cause a move.
However, the top employment data publication of them all will happen on Friday. At 12:30 GMT, the US official monthly employment data sets will be published.
EUR/USD hourly chart analysis
A move above 1.1100 might be slowed down by the 1.1150 level and the weekly R1 simple pivot point. Higher above, note the 1.1160/1.1175 and 1.1190/1.1200 ranges.On the other hand, a decline of the Euro against the USD is expected to look for support in the 50 and 100-hour simple moving averages. In addition, the 1.1040/1.1060 range could provide support. Further below, the pair is expected to pause at the 1.1000 mark.
Hourly Chart
EUR/USD daily chart's review
The decline of the Euro against the US Dollar has found support near the 1.1050 level. A recovery and another attempt to break the 1.1130/1.1200 mark appears to be taking place.Daily chart
Read More: Technical Analysis
Bearish traders take profits
On Monday, traders were bearish, as 74% of volume was in short positions.
Meanwhile, pending orders in the 100-base point range around the pair were 63% to sell.
On Thursday, traders were 69% short and orders were 54% to sell. It appears that some short traders have taken profits.