On the EUR/USD charts it resulted in an initial piercing of the resistance levels as high as 1.1060, before the pair retreated back down.
On Friday, the rate was back at 1.1000 levels' resistance and support of the 50, 100 and 200-hour simple moving averages near the weekly simple pivot point at 1.0987. In general, previously active support and resistance zones are expected to continue to impact the pair.
Economic Calendar Analysis
On August 11, the markets will look at the US Producer Price Index at 12:30 GMT to analyse potential consumer price increases in the future.
Producers usually increase their prices in accordance with their own expense increases. Namely, they quite often investigate the consumer tolerance of price hikes by continuous increases until they spot a drop in volume. In the current environment some firms have reached this point.
EUR/USD hourly chart
A decline below 1.0975 might look for support in the 1.0935/1.0950 range, before reaching the weekly S1 simple pivot point at 1.0928. Further below, note the 1.0900 mark, the weekly S2 simple pivot point at 1.0853 and the 1.0850 level.A recovery of the Euro against the US Dollar above 1.1000 would test the 1.1030/1.1045 range. Higher above, take into account the weekly R1 simple pivot point at 1.1062 and Thursday's high level at 1.1065.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has found support in the 100-day simple moving average. The support was enough to test the April and May high level zone at 1.1070/1.1100. The range is now expected to act as resistance in the near term future, as the 100-day SMA continuous to push the rate upwards.If the 100-day SMA fails to act as support, note the approaching 200-day simple moving average and the 1.0850 level. They could stop a decline.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Friday, the Swiss Foreign Exchange traders were 52% in long positions.
Meanwhile on Tuesday, trader set up pending orders in a 100-point range around the current rate were 50% to sell the Euro against the US Dollar.