Economic Calendar Analysis
On Tuesday, watch the publication of the US Retail Sales at 12:30 GMT. The markets could move due to an adjustment in the USD value.
EUR/USD hourly chart analysis
A move higher could be slowed by the combination of the weekly R1 simple pivot point at 1.0945 and the 1.0950 level. Higher above, note the weekly R2 at 1.0984. This level might act as resistance, before the 1.1000 mark is reached.On the other hand, a decline of the Euro against the Dollar is expected to find support in 1.0900 and the 50-hour simple moving average near 1.0890. If these levels fail, note the weekly simple pivot point at 1.0872 and the ascending 100-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair's recovery has managed to break the resistance of the 50, 100 and 200-day simple moving averages.A move higher could encounter resistance at previous resistance levels that are near round exchange rate levels. If all of these levels fail, the 1.1130/1.1200 zone will come into play.
In the case of a decline of the pair, it would have to reach below the SMAs, before looking for support in the 1.0635/1.0700 range.
Daily chart
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Traders are short
On Monday, Dukascopy traders were bearish on the EUR/USD, as 71% of open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the current rate are 52% to sell the Euro against the US Dollar.