Meanwhile, we have spotted that traders have closed their short positions and taken profits from the decline.
Economic Calendar Analysis
There are no more notable events scheduled for this week.
EUR/USD hourly chart analysis
If the 1.0800 provides enough support, the rate could encounter resistance in the 1.0840 or 1.0860 levels, before approaching the 1.0880 level and the combination of the 50 and 100-hour simple moving averages. Note taht the weekly S1 simple pivot points have been ignored. The round levels impact the pair.A move below 1.0800 could look for support in round levels until the pair reaches the 1.0700 mark. The 1.0720, 1.0740 and 1.0760 have been acting as support and resistance. Note that the 1.0780 level has not been observed to act as strong impact level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed below the 100-day simple moving average. However, support could still be found in the 50 and 200-day simple moving averages. These moving averages were being tested on Friday.Daily chart
Read More: Technical Analysis
Traders are short
On Friday, traders were 54% short, as that amount of open position volume was in short positions.
Meanwhile, pending orders in the 100-pip range around the pair were 67% to buy.
Before the fundamental events, traders were 62% short. They have taken profits.