Economic Calendar Analysis
Note the US Empire State Manufacturing Index on Monday at 12:30 GMT.
On Friday, the US Flash Manufacturing and Services PMIs could cause an impact on the US Dollar.
EUR/USD hourly chart
A move below 1.0960 and the weekly simple pivot point at 1.0966 could look for support in the 1.0950 level and the 200-hour simple moving average. If the rate passes below 1.0950, the 1.0900 mark could be the target. However, the rate could be slowed down by 1.0940 and 1.0920.On the other hand, a recovery of the Euro against the US Dollar would face the 1.1000 mark, the 50-hour simple moving average near 1.1020 and the previous high levels.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken above the January high level at 1.1030. The EUR/USD is reaching new 2023 high levels.Note that there is a resistance and support zone at 1.1130/1.1190. This zone impacted the rate during the early parts of 2022.
Daily chart
Read More: Technical Analysis
Traders are shorting
On Monday, trader open positions were bearish, as 59% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to buy the Euro against the USD.
On Friday, traders were 65% short and orders were 51% to sell.