Economic Calendar Analysis
On Thursday, at 12:45 GMT the European Central Bank will release its Main Refinancing Rate. However, the event is expected to have a muted reaction, as the bank's officials have clearly stated that they do not intend to change the rate in the near term future.
Instead, note that the monetary stimulus buying programs could change. Moreover, at 13:30 GMT, the management of the bank is set to hot a press conference, at which future plans might be revealed.
As the ECB press conference will start, the US Consumer Price Index and Core Consumer Price Index data is set to be released together with the US Unemployment Claims. Namely, all US pairs and assets are expected to react to the news.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
Next support on the pair's charts, below the 1.0800 mark, is the 2020 low level zone at 1.0730/1.0780. In addition, note that the weekly S1 simple pivot point is located in the support zone. Further below, the 1.0700 and 1.0650 levels might act as support levels.However, a recovery of the Euro against the US Dollar is expected to face resistance at 1.0900. The round exchange rate level has shown to be able to act as support on Friday and as resistance during the early hours of Monday's trading. Higher above, note the 1.0950 mark and the 50-hour simple moving average near it.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed below the 23.60% Fibonacci retracement level. In addition, the 2021 channel down pattern can be better observed on this chart.Note that the retracement levels are measured by connecting the 2017 low and 2018 high levels.
Daily chart
Read More: Technical Analysis
Traders remain long on EUR/USD
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 64% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to sell the Euro against the USD.
On Friday, the sentiment was 63% long and pending orders were 51% to sell.