Economic Calendar Analysis
On Wednesday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT and the US ISM Services PMI at 14:00 GMT.
On Thursday, minor action is expected from the US Unemployment Claims.
On Friday, the top event of the week will take place. The United States will publish the monthly employment data at 12:30 GMT. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart
The decline of the Euro against the US Dollar is expected to continue. Support could be found in the 1.0450 level and the lower trend line of the channel down pattern.On the other hand, a recovery of the currency pair is set to face resistance in the weekly S1 simple pivot point at 1.0486 and the 1.0500 mark. Higher above, note the combination of the 50 and 100-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern held and caused the recent retracement.Daily chart
Read More: Technical Analysis
Traders are bullish
On Tuesday, the Swiss Foreign Exchange traders were 69% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 69% to buy the Euro against the US Dollar.