On the daily candle chart, additional resistance and support are forcing the pair into sideways trading. In theory, a break out should occur.
Economic Calendar Analysis
On July 7, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
On July 12, watch out for the US Consumer Price Index release. The CPI and Core CPI are the main US indicators for inflation and subsequently impact the US future monetary policy and the US Dollar's value.
On July 13, the US Producer Price Index data will reveal how inflation is doing at the producer level. Usually, increases in producer prices result in an increase of prices at the consumer level, as the wholesalers just charge their buyers more.
On July 18, the US Retail Sales might impact the US Dollar by revealing surprise in how the US consumers are buying goods. In general, the number shows a change in retail sales in percentage. The change can be impacted by a different sales volume or price changes.
EUR/USD hourly chart
A decline of the pair below the 1.0835/1.0840 range is most likely going to look for support in round exchange rate levels and areas near them. This is assumed due to the EUR/USD doing so during its June surge from 1.0650 up to 1.1000. Meanwhile, note that weekly simple pivot points are capable of impacting the pair.In the case of a surge of the Euro against the US Dollar, look at the hourly simple moving averages, which from time to time act as resistance and support. As a moving average is passed it can easily turn from resistance to support and vice versa. A potential surge is expected to encounter resistance in the 1.0930/1.0940 range, before breaking through weekly pivot points and reaching the 1.1000 mark. Above 1.1000, watch the May and April high levels that have acted as resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been finding support in the combination of the 50 and 100-day simple moving averages near 1.0880. Resistance is found in the previously ignored 1.0900/1.0970 range.Meanwhile, it has been spotted that the rate has been descending in a channel down pattern since early April. There is a wide channel down pattern guiding the rate. In addition, take into account the approaching 200-day simple moving average.
Daily chart
Read More: Technical Analysis
Watch changes in sentiment
The sentiment index table provides data on the current open position proportion on the Swiss Foreign Exchange. In general, one can mark changes in sentiment and see where the traders are moving into.
One can spot trends, changes in direction and oversold/overbought conditions.