On the EUR/USD charts it resulted in a surge up to the resistance of the weekly R2 simple pivot point, which is located at the 1.0837.
Economic Calendar Analysis
Next week, watch out for the publication of the US Producer Price Index data on Wednesday at 13:30 GMT. The data will reveal inflation at the production level.
In addition, the US Retail Sales data is set to be published together with the PPI. The retail sales are set to signal whether or not the US consumers are continuing to purchase goods, despite the ongoing inflation.
EUR/USD hourly chart
An extension of the decline of the US Dollar would result in the rate testing the resistance of the 1.0850 and 1.0900 levels. Note that the pair has not been this high since April.On the other hand, a decline of the Euro against the US Dollar might look for support in the 1.0750 level, the weekly R1 simple pivot point at 1.0739 and the December high at 1.0736. In addition, note the 50 and 100-hour simple moving averages, which are acting as support at 1.0750 and 1.0720.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair continues to pass one resistance level after another, as the pair has reached above the May 2022 high of 1.0790.Meanwhile, previous resistance zones and levels are being observed as turning into support.
Daily chart
Read More: Technical Analysis
Traders are short
In the aftermath of the US CPI release, trader open positions were bearish, as 59% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to sell the Euro against the USD.