Economic Calendar Analysis
The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by the Federal Open Markets Committee on the US monetary policy. New information might cause an adjustment of the US Dollar's value.
On Thursday, moves could be created by the publication of the European and US S&P Global Services and Manufacturing sector Purchasing Managers Index numbers.
However, reaction could be muted, as markets wait for the Friday's Jerome Powell's speech at the Jackson Hole Symposium at 14:00 GMT.
EUR/USD hourly chart analysis
On Friday, the EUR/USD managed to pass the 1.1000 mark's resistance on the second attempt. By mid-Monday's trading, the rate had managed to move above the prior August high level range near 1.1040. However, the 1.1050 mark had acted as resistance, which indicates that the resistance range is broader than previously marked.A potential surge above 1.1050 could be slowed down by the weekly R1 simple pivot point at 1.1076, before the pair approaches the 1.1100 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is being kept down by the upper trend line of the large scale channel up pattern that has guided the rate up throughout summer.Daily chart
Read More: Technical Analysis
Traders are mostly short
On Monday, Dukascopy traders were shorting the pair, as 71% of all open position volume was in short positions.
Meanwhile, pending trader set up orders were set to buy. Namely, in the 100-point range around the pair, 58% of orders were to buy and 42% were to sell.
On Friday, the open positions were 68% short and pending orders were 55% to sell.