Economic Calendar Analysis
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
Above the 1.0900 mark, note the weekly simple pivot point at 1.0916 and the 100-hour simple moving average. In the case of these levels being broken, the rate could aim at the 200-hour SMA near 1.0960 and the weekly R1 at 1.0985.Meanwhile, a decline of the Euro against the US Dollar could find support in the 50-hour SMA near 1.0870, before approaching the support range at 1.0845/1.0850.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached below the 50-day simple moving average and the lower trend line of the pattern that captures the broad EUR/USD recovery that has been taking place since October.An extension of the decline could look for support in the 100-day SMA near 1.0820.
Daily chart
Read More: Technical Analysis
Traders reduce short position amount
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.
On Monday and Tuesday, traders were 54% short and orders were 60-70% to sell.