Economic Calendar Analysis
This week, the top event will be the FOMC Meeting Minutes publication on Wednesday at 18:00 GMT. The Meeting Minutes will reveal additional details into the US monetary policy.
On Thursday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT, the US Unemployment Claims at 12:30 GMT and the ISM Services PMI together with the JOLTS Job Openings at 14:00 GMT. These data sets will provide a first look at the US labour market situation, before the official data is released on Friday.
On Friday, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
EUR/USD hourly chart
An extension of the ongoing decline would have to pass the support of the round levels at 1.0880, 1.0870 and 1.0860, before approaching the support zone at 1.0840 and the weekly S1 simple pivot point at 1.0838.On the other hand, a breaking of the resistance levels at 1.0910 could result in another test of the resistance of the 1.0930/1.0940 range. Higher above, note the weekly R1 simple pivot point at 1.0979.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is finding support in the combination of the 50 and 100-day simple moving averages near 1.0880. The moving averages of this chart explain the rebound that occurred on Wednesday morning.Daily chart
Read More: Technical Analysis
Traders are short
On Monday, trader open positions were bearish, as 60% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the Euro against the USD.
By mid-Wednesday positions were 57% short and orders were 51% to sell.