Economic Calendar Analysis
On Monday, look out for the Markit Services and Manufacturing sector Purchasing managers Indices. The European release is set to occur from 07:15 up to 08:00 GMT. The UK data will be out at 08:30 GMT. US results will be published at 13:45 GMT.
On Tuesday, the Consumer Board Consumer Confidence survey results might impact the US Dollar's value.
On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
EUR/USD hourly chart
An extended decline of the Euro against the US Dollar might find support in the weekly simple pivot point at 0.9814, the 50 and 100-hour simple moving averages and the 0.9800 mark. Further below, take into account the 200-hour simple moving average near 0.9880 and the weekly S1 simple moving average at 0.9752 together with the 0.9750 level.On the other hand, a recovery of the pair would have to pass above the 0.9900, before testing the resistance of the weekly R1 at 0.9923.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the descending 50-day simple moving average and the 0.9860/0.9900 zone once again act as resistance.Daily chart
Read More: Technical Analysis
Traders remain long
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell the Euro against the USD.
On Friday, the positions were 60% long. Meanwhile, pending orders were 59% to sell.