Economic Calendar Analysis
On Thursday, the US Advance GDP data is set to reveal whether the United States are or are not experiencing a decline in the Gross Domestic Product at 13:30 GMT. The Advance GDP is the first data set that reveals how the economy has done in the last quarter.
The week will end with the publication of the US Core PCE Price Index. This index is the one being used by the US Federal Reserve to measure the impact of inflation on the consumers. It is seen by some as more important than the CPI. The release is scheduled for 13:30 GMT.
EUR/USD hourly chart
In the case of a resumption of the Euro surge against the US Dollar, the pair would have to reach above the 1.0900 mark and the Monday's high level of 1.0925. Meanwhile, note the weekly R1 at 1.0906 and the weekly R2 at 1.0957.However, a potential decline of the currency pair might look for support in the combination of the 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.0840. Further below, the 1.0800 is expected to act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair continues to pass one resistance level after another, as the pair has reached above the May 2022 high of 1.0790.Meanwhile, previous resistance zones and levels are being observed as turning into support.
Daily chart
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Traders are still short
After the US PPI release, trader open positions were bearish, as 57% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
This week, the sentiment was 63% bearish and pending orders were 59% to buy.