Economic Calendar Analysis
This week, the US Advance GDP release at 12:30 on Thursday is bound to impact the value of the US Dollar.
However, the top event of the week will be the US Core PCE Price Index release at 12:30 GMT. The US Federal Reserve looks at this inflation indicator for future guidance of their monetary policy.
EUR/USD hourly chart
An extension of the ongoing decline might aim at the combined resistance of the 1.1050 and the weekly R2 simple pivot point at 1.1056. Higher above, note the 1.1100 mark and the weekly R3 at 1.1112.On the other hand, a decline of the currency rate is set to find support in the previous resistance levels at 1.1020 and 1.1000. Further below, note the approaching 50, 100 and 200-hour simple moving averages near 1.0980.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has retraced and declined below the last year's April high. If the rate starts a broad decline, support might be found in the 55 and 100 day simple moving averages near 1.0760.However, a potential recovery might encounter resistance in the early 2022 low and high level zone at 1.1130/1.1190. Daily chart
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Traders are shorting
On Monday, trader open positions were bearish, as 63% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.