Economic Calendar Analysis
This week, the rate is expected to move due to the publication of the JOLTS Job Openings on Tuesday at 14:00 GMT.
On Wednesday, the US ISM Services PMI is likely going to cause USD moves. The Monday's Manufacturing PMI caused a broad decline of the US Dollar.
Above all, on Friday, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate are set to move the markets.
EUR/USD hourly chart
In general, the pair was expected to test the 0.9900 level, weekly R1 simple pivot point at 0.9925 and the 0.9950 level, before reaching parity. Note that the 0.9950 level kept the pair from declining from September 13 up to September 21.On the other hand, a decline of the Euro against the US Dollar is set to look for support in the 0.9865/0.9875 range, the 0.9850 level and the combination of the 50-hour simple moving average and the 0.9800 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has approached the lower trend line of the 2022 channel down pattern below the 0.9600 level. The trend line has held and caused a recovery.Meanwhile, it was recently spotted that the recovery has encountered resistance in the August and early September low level zone at 0.9860/0.9900.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to sell the Euro against the USD.
On Tuesday, traders were 61% long and pending orders were 58% to sell. It could be assumed that selling has continued.