Economic Calendar Analysis
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
The pair 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.On the other hand, a decline of the pair is expected to look for support in the weekly S1 simple pivot point at 1.0942. Further below, note the 1.0900 mark and the weekly S2 at 1.0867.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has returned to April levels, erasing the gains of May. 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.
After the release, traders were still short. 62% of open positions were short and pending orders were 57% to sell.