Economic Calendar Analysis
On Wednesday, watch out for the US Consumer Price Index release at 12:30 GMT. The US inflation data is bound to impact the US Dollar's value.
On the same day, at 18:00 GMT, the US Federal Reserve Meeting Minutes could cause a market reaction with new information on US monetary policy.
On Thursday, at 12:30 GMT, US inflation at the producer level will be revealed. The US Producer Price Index is set to be released at that time.
On Friday, the US Retail Sales data might cause a reaction in the financial markets at 12:30 GMT.
EUR/USD hourly chart
The ongoing surge of the Euro against the US Dollar is expected to encounter resistance in the 1.0920 and 1.0940 levels. Higher above, note the April high level zone at 1.0965/1.0973.On the other hand, a decline of the pair is bound to look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point near 1.0890. Further below, note the support zone near 1.0840. Moreover, the 1.0880 and 1.0860 have been acting as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached above the April high level at 1.0937. Above the April high, the 2023 January high at 1.1030 could stop the surge.Daily chart
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Traders are shorting
On Tuesday, trader open positions were bearish, as 62% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to sell the Euro against the USD.