Economic Calendar Analysis
This week, the market might move due to the combined release of the US CB Consumer Confidence and the JOLTS Job Openings on Tuesday, at 14:00 GMT.
On Wednesday, take into account the US ADP Non-farm Employment Change and Advance GDP numbers at 12:15 and 12:30 GMT.
A major event will take place on Thursday at 12:30 GMT, as the US Core PCE Price Index will reveal inflation at the consumer level.
The top event of the week will be the release of the US monthly employment data sets. The Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate are going to impact the markets via an adjustment of the US Dollar's value.
EUR/USD hourly chart analysis
A surge of the Euro against the US Dollar is set to face resistance in the 200-hour simple moving average. Higher above, resistance is expected to be encountered in the range near 1.0840. If these levels fail, the rate could be slowed down by the upper trend line of the channel pattern, the 1.0850 level and the weekly R1 simple pivot point at 1.0857.On the other hand, a decline of the pair below the 1.0810 level and the weekly simple pivot point is expected to look for support in the 1.0800 mark and the 100-hour simple moving average. Further below, note the lower trend line of the channel up pattern and the 1.0780 and 1.0760 levels.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 1.0800 did not provide enough support. In the near term future, the pair could approach the 1.0635/1.0700 zone.Daily chart
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Traders are long on the pair
On Monday, already 68% were in bullish positions. Traders are expecting a recovery of the pair.
Meanwhile, trader pending orders in the 100-pip range around the current rate are set to buy. Namely, 59% of orders in that range are buy orders.