Economic Calendar Analysis
On Friday, the US Core PCE Price Index data will impact the value of the US Dollar. The US monetary policymakers watch the Personal Consumption Expenditures data to adjust their policy. The data shows inflation at the consumer level. Namely, how the average person has been impacted by the inflation during the last month.
EUR/USD hourly chart
A move above 1.0571 is expected to face the combination of the 100 and 200-hour simple moving averages near 1.0585. Higher above, note the 1.0600 level. Event farther above, take into account the weekly R1 simple pivot point and the 1.0635/1.0640 range.On the other hand, a decline of the Euro against the US Dollar would have to pass below the weekly S1 at 1.0525 and the 1.0500 mark. Below these levels, the weekly S2 could stop a decline at 1.0457.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 50-day simple moving average appears to have acted as resistance and forced the rate into a retreat.Daily chart
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Traders are long
This week, the Swiss Foreign Exchange traders were 56% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 60% to buy the Euro against the US Dollar.