Economic Calendar Analysis
Watch for the US ISM Manufacturing PMI on Thursday at 14:00 GMT and the Friday's release of the US Unemployment data at 12:30 GMT.
EUR/USD hourly chart
A decline of the pair is expected to look for support in the 1.0700 mark and the weekly S1 simple pivot point at 1.0673. Further below, the weekly S2 might act as support at 1.0622, before the 1.0600 level is reached.On the other hand, a recovery of the pair could face resistance in the 50-hour SMA near 1.0720 and the 100-hour SMA near 1.0740. Higher above, note the weekly simple pivot point at 1.0752 and the 1.0750 level. Above, the pivot point, there is a resistance zone near 1.0760.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed below another support level. It has reached below the 1.0750 level and the zone that surrounds it. However, the passing has not resulted in a broader decline. On Friday, it was observed that the rate's potential recovery was finding resistance in the zone.A continuation of the May decline could look for support in the 200-day simple moving average and the 1.0600 mark.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, trader open positions were long, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.
At mid-Friday, the positons were 64% and orders were 54% to sell.