Economic Calendar Analysis
This week, the rate is expected to move due to the publication of the JOLTS Job Openings on Tuesday at 14:00 GMT.
On Wednesday, the US ISM Services PMI is likely going to cause USD moves. The Monday's Manufacturing PMI caused a broad decline of the US Dollar.
Above all, on Friday, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to move the markets.
EUR/USD hourly chart
A surge of the pair would have to break the 0.9850 level, before testing the 0.9865/0.9875 zone, the 0.9900 level and the weekly R1 simple pivot point at 0.9937.A decline of the Euro against the US Dollar might find support in the 0.9750 level . Further below, note that the 0.9700 and 0.9650 levels and the 100-hour simple moving average might act as support, before September low levels would be reached.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has approached the lower trend line of the 2022 channel down pattern below the 0.9600 level. The trend line has held and caused a recovery.Meanwhile, it was spotted that the recovery encountered resistance in the August and early September low level zone at 0.9860/0.9900.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to sell the Euro against the USD.
On Friday, traders were 65% long and pending orders were 52% to sell. It could be assumed that selling had been going on.