On Friday, an announcement by the US President Donald Trump caused a drop of the USD, which propelled the EUR/USD exchange rate to reach above the 1.1160 level.
On Monday morning, the currency pair had bounced off the level and declined down to the cluster of hourly simple moving averages above the 1.1100 mark.
Small reaction although "important" data releases
Data releases resume on Monday, as at 12:30 GMT the US Durable Goods Orders and Core Durable Goods Orders data will impact the pair.Although this event is marked as high impact on most economic calendars, it has caused in the time-frame of five minutes moves from 5.1 to 10.9 pips since start of April. A move of below ten pips in ten minutes occurs quite often without any special event.
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published. The event has caused moves on EUR/USD charts from 6.4 to 11.9 pips since February.
EUR/USD hourly chart's review
During Friday, the EUR/USD currency pair skyrocketed to the psychological level at 1.1150. During today's morning, the pair was trading at the 1.1130 level.From the one hand, the exchange rate could trade downwards within the following trading session. However, note, that the rate has to surpass the resistance cluster formed by the weekly PP and S1, as well the 55- 100– and 200-hour SMAs in the 1.1080/1.1117 range.
On the other hand, the Euro could appreciate against the US Dollar in the nearest future. In this case, the pair could reach the resistance level formed by the monthly PP located at the 1.1169.
Hourly Chart
On the daily candle chart, it could be observed that despite the rate jumping, it still remains below the resistance of the daily simple moving averages, which are located near 1.1220.
Daily chart
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Traders short the EUR/USD
On Monday, on the Swiss Foreign Exchange 66% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were neutral, as 52% of orders in 100 pips range around the current rate were to sell and 48% were to buy.