Economic Calendar Analysis
There are no notable events scheduled during the holiday week.
EUR/USD hourly chart analysis
The pair is set to face the resistance of the weekly R2 simple pivot point at 1.1149 and the 1.1150 level. A passing of these levels is expected to result in the rate reaching the 1.1200 mark.However, a decline of the Euro against the US Dollar would look for support in the 1.1100 level and the ascending 50-hour simple moving average. Below these levels, note the 100-hour simple moving average and the 1.1038/1.1045 zone.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has broken above the 1.1070/1.1100 high level range. The zone could turn into support, before the pair aims at the 1.1250 level.Daily chart
Read More: Technical Analysis
Traders remain short
Last week, traders were 61% short and orders were 52% to buy. Despite the recovery, traders were shorting.
On Wednesday, traders were 68% short, as more expected a decline. Meanwhile, pending orders were 54% to sell.
On Thursday, the positions were 69% short and orders were 51% to sell.