Economic Calendar Analysis
The second week of August lacks notable events. The only event that could cause a market reaction is the publication of the weekly US Unemployment Claims on Thursday at 12:30 GMT.
EUR/USD hourly chart analysis
In the case that the rate surges, it is set to face the resistance of the 50-hour simple moving average and the 1.0940/1.0950 range. Higher above, the weekly R1 simple pivot point could act as resistance at 1.0965, before the pair reaches the 1.1000 mark.On the other hand, a decline of the Euro against the US Dollar is set to look for support in the 100-hour simple pivot point and the 1.0900 mark. If these levels fail, the pair is expected to look for support in the 1.0870/1.0880 range and the weekly simple pivot point at 1.0872. In addition, the range is being approached by the 200-hour SMA.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recovery occured from the 100-day simple moving average. However, it is clear that fundamentals, not the SMA caused the move.The fundamental adjustment has moved the rate back to mid-July levels. In the near term future, the rate is expected to respect the round levels that have impacted it in the past.
In addition, we have spotted a channel up pattern that could guide the rate up to 1.1200.
Daily chart
Read More: Technical Analysis
Traders are short
After the US employment release, Dukascopy traders shorted the pair, as 56% of all open position volume was in short positions.
Meanwhile, pending trader set up orders were set to sell even more. Namely, in the 100-point range around the pair 72% of orders were to sell and 28% were to buy.
On Wednesday, the open positons were 57% short and pending orders were 61% to sell.