Economic Calendar Analysis
This week, the rate could be impacted by the publication of the US ISM Manufacturing PMI and the JOLTS Job Openings on Tuesday at 14:00 GMT.
On Thursday, watch out for the Bank of England's expected rate hike at 5.25%. It is possible that not only the GBP pairs, but other financial instruments could adjust to the continuation of rate increases.
On Friday, at 12:30 GMT, the US employment data will impact the USD and all rates that involve it. The release will consist of the US Average Hourly Earnings change, Non-Farm Employment Change and the official Unemployment Rate.
EUR/USD hourly chart
A potential decline of the rate below 1.1000 might look for support in the support and resistance zone at 1.0935/1.0945. Below the zone, take into account the weekly S1 simple pivot point at 1.0920 and the 1.0900 mark.However, in the case of a Euro recovery against the USD, expect the pair to be slowed down by the 200-hour simple moving average near 1.1085 and the 1.1100 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been declining since the attempt to pass above 1.1250. Last week, the currency pair reached the combined support of the 1.0950 level, the 50 and 100-day simple moving averages and the lower trend line of a channel up pattern.Daily chart
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Traders are shorting
On Monday, the Swiss Foreign Exchange traders were 56% in short positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 54% to sell the Euro against the US Dollar.
After last week's Fed rate hike, 65% positions were short and orders were 59% to sell.