The EUR/USD is starting the week without close by resistance levels. In general, it is expected to surge up to the 1.1380 level.
At that level the first weekly resistance of the simple pivot points is located at. Meanwhile, the pair is supported by the hourly simple moving averages.
The European Single Currency appreciated against the US Dollar, following the US Durable Goods Orders data release on Thursday at 13:30 GMT. The EUR/USD exchange currency rate gained 15 pips or 0.13% during a minute, right after the release. The European Single Currency continued trading at the 1.1350 area against the US Dollar.
The Census Bureau released US Core Durable Goods Orders data that came out lower than expected of 0.1 compared with forecasted 0.3%. Note, the US Durable Goods Orders data came out together with the US Core Durable Goods Orders.
Quiet last week of the month
As it is accustomed, the last week of the month is set to be quiet for fundamental macroeconomic data releases.
The macro week will start on Wednesday. At 13:30 GMT the Canadian CPI data will be published.
On Thursday the US Advance GDP will be released at 13:30 GMT. This event can cause moves of around 20 base points.
On Friday, the Canadian GDP data will be out at 13:30 GMT. It is most likely set to be the event which will cause the biggest move during this week.
For more information watch the weekly calendar analysis stream on our youtube channel.
EUR/USD hourly chart's review
On Monday, the EUR/USD no longer had close by resistance levels on the hourly chart. Namely, the weekly pivot points had changed, and the closest by technical resistance was located at the 1.1380 mark.During the morning hours of the day's trading the pair was set to surge to the pivot point at 1.1380. It should occur by using the support of the 55 and 100-hourly simple moving averages, which were located at the 1.1340 level.
Meanwhile, note that above the 1.1380 level there are no additional resistance levels as far as 1.1430.
Hourly Chart
On the daily chart additional information can be seen. Namely, the 55 and 100-day simple moving averages were located near the 1.1400 level. They were strengthening the R1 weekly pivot point.
It is most likely that this level will provide strong resistance to the surge of the EUR/USD.
Meanwhile, on a larger scale the recent surge is seen as a consolidation of a decline. The consolidation is occurring by retracing back upwards.
Daily chart
The total open position volume on the Swiss Foreign Exchange had been 63% short since Wednesday.
On Monday, the short term oriented sentiment had become 69% short.
In the meantime, it could be seen that additional selling might occur, as in the 100-pip range around the pair pending orders were set to sell in 56% of cases.
Namely, if the pair starts to move in either direction, there are more sellers than buyers. Due to that reason the retail sector would push the pair down.