Economic Calendar Analysis
On Friday, starting from 07:15 GMT to 08:00 GMT, the EUR/USD could react to the Manufacturing and Services PMIs.
EUR/USD hourly chart's review
In the case of a decline, the pair could reach first for the weekly S1 simple pivot point at 1.1544. Afterwards, the rate might aim for the last week's low levels at 1.1524/1.1530.On the other hand, if the EUR/USD recovers, it would face the resistance of the 55-hour simple moving average near 1.1600. Above the 1.1600 mark, the rate might encounter resistance in the last week's high level zone at 1.1620/1.1625.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has passed the 2020 September and November low level at 1.1600. The rate has not been so low for more than a year. The last time the EUR/USD was below 1.1600 was in July 2020.In the case of the larger scale decline continuing, the pair could find support in the 50.00% Fibonacci retracement level at 1.1450. On the other hand, the pair is oversold, a potential recovery could find resistance in both the 1.1600 and 1.1700 levels.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, on the Swiss Foreign Exchange trader open positions were bullish, as 59% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.