Economic Calendar Analysis
This week, the US Consumer Price Index data release on Wednesday at 12:30 GMT is set to impact the financial markets.
On Thursday, watch out for the US Producer Price Index publication at 12:30 GMT. In addition, at the same time the US weekly Unemployment Claims numbers will be out.
EUR/USD hourly chart
A move below this level could look for support in the weekly S1 simple pivot point at 1.0942. In the case of the pair declining below the pivot point, note the 1.0900 mark.However, a recovery of the Euro against the US Dollar might encounter resistance in the 1.1000 mark. Higher above, note the combination of the 50, 100 and 200-hour simple moving averages together with the weekly simple pivot point at 1.1015/1.1030. Above these levels, the 1.1050 mark is expected to act as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the channel up pattern, which has guided the rate up since early March. In general, the breaking occurred via sideways trading as the markets waited for the US Fed and European Central Bank rate announcements.On this chart note the 50 and 100-day simple moving averages near 1.0870 and 1.0815.
Daily chart
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Traders are shorting
Before the US CPI, trader open positions were bearish, as 64% 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.