Economic Calendar Analysis
On Monday at 15:00, the US ISM Services Purchasing Managers Index might impact the US Dollar's value.
On Friday, the US Producers Price Index and Core Producers Price Index are set to reveal inflation changes in the United States at the production level. In general, it is assumed that producer level inflation is followed afterwards by consumer level inflation, which the US policymakers want to reduce.
EUR/USD hourly chart
In the case of a continuous decline the pair might look for support first in the 50-hour simple moving average near 1.0510and the 1.0500 mark. In addition, take into account the lower trend line of the channel up pattern, which captures the recent surge of the Euro against the US Dollar. Further below, note the weekly simple pivot point at 1.0456.On the other hand, a recovery of the Euro against the USD would face the 1.0550 level's resistance and the 1.0600 mark. Higher above, note the weekly R1 simple pivot point at 1.0622.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the recent surge has moved the rate once again above the 1.0350/1.0400 zone. The zone impacted the rate throughout 2021 and 2022 as support and resistance.Meanwhile, it appears that despite being pierced, the 200-day simple moving average has been acting as support.
In regards to the future, note that the 1.0600 and 1.0800 levels acted as resistance in May and June.
Daily chart
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Traders are short
On Friday, on the Swiss Foreign Exchange, trader open positions were short, as 58% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the Euro against the USD.
On Monday, the sentiment was still 58% short and orders were 52% to buy.