Economic Calendar Analysis
During the upcoming week, on Tuesday, the US Flash Manufacturing and Services PMIs might impact the financial markets through an adjustment of USD value.
On Wednesday, take into account that a possible move could be caused by the European PMIs from 07:00 up to 08:00 GMT.
In the evening, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, The US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
EUR/USD hourly chart
A continuation of the decline is expected to look for support in the combination of the weekly S2 simple pivot point at 1.0867 and the lower trend line of a channel down pattern. Below these levels, the 1.0800 mark and the weekly S3 at 1.0792 could act as support.On the other hand, a recovery of the Euro against the US Dollar is highly likely going to encounter resistance in the 1.0900 mark, prior to approaching the combination of the weekly S1 at 1.0942 and the 50-hour simple moving average. Higher above, note the 100-hour SMA and the trend line that connects the recent lower high levels of the pair.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has plummeted to the 50-day simple moving average and the lower trend line of the broad EUR/USD recovery that has been taking place since October. A move below these levels could look for support in the 100-day SMA near 1.0820.Daily chart
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Traders are still shorting
On Friday, 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 50% to sell and buy the Euro against the USD.