On Wednesday morning, the SMA had approached the 0.9750 level.
Economic Calendar Analysis
This week, the markets are looking forward for the monthly United States inflation and retail sales data. In addition, on Wednesday, the FOMC Meeting Minutes might impact the markets.
On Wednesday, at 12:30 GMT, the US Producers Price Index change will reveal inflation at the production level.
Later on, at 18:00 GMT, the Federal Reserve Federal Open Market Committee Meeting Minutes are going to provide more insight into the decisions of the US monetary policy makers.
On Thursday, the top event of the week will take place. The United States Consumer Price Index is scheduled to be published at 12:30 GMT.
On Friday, at 12:30 GMT, the US Retail Sales data could also impact the financial markets.
EUR/USD hourly chart
A move of the Euro against the USD lower would look for support first in this week's low level zone at 0.9670/0.9680. An extension of a decline of the currency pair could look for support in the 0.9650 level and the weekly S1 simple pivot point at 0.9643. Further below, take into account the 0.9600 level that might stop a decline, before the September low level zone and the weekly S2 simple pivot point at 0.9549 could keep the EUR/USD up.However, a recovery of the EUR/USD would have to break the 0.9735/0.9750 zone and the 100-hour simple moving average. Higher above, take into account the 0.9800 level and the 200-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the surge eventually stopped at the upper trend line of the 2022 channel down pattern and the 50-day simple moving average near parity.During the first part of October trading, the pair was steadily declining and approaching previous low levels.
Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 67% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the Euro against the USD.
On Tuesday, the positions were 66% long. Meanwhile, pending orders were 64% to sell.