Economic Calendar Analysis
This week, the financial markets could react to United States macroeconomic events.
On Wednesday, at 12:15 GMT the ADP Non-Farm Employment Change is capable of creating moves. Afterwards, note the ISM Services PMI at 14:00 GMT.
On Friday, one of the top events will take place. The US employment data sets will be published at 12:30 GMT. The US release will consist of the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings change.
EUR/USD hourly chart analysis
A recovery of the currency pair is set to face resistance in the 50-hour simple moving average near 1.0760. Higher above, note the descending 100-hour SMA near 1.0780 and the strong resistance and support zone at 1.0800. In the meantime, the weekly simple pivot points do not appear to be capable of impacting the EUR/USD.If the Euro declines against the US Dollar, it is highly likely that the rate will be slowed down by the descending trend line, before the 1.0700 mark is reached.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has below the 50, 100 and 200-day simple moving averages that were acting as support during March. The ongoing broader decline could look for support in the 1.0635/1.0700 zone.Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Tuesday, traders were 56% long, as that amount of open position volume was in bullish positions.
Meanwhile, pending orders in the 100-pip range around the pair were 53% to sell.
The previous week, traders were shorting. They appears to have taken profits.