- SWFX market sentiment is 62% bullish today
- Pending orders in the 100-pip range are 51% to sell
- No macroeconomic events or data until Thursday
On Monday, the EUR/USD traded near various technical levels of significance near the 1.1380 mark. In general, if the rate would pass below 1.1370, it would reach down to 1.1300.
The European Single Currency depreciated against the US Dollar, following the US Unemployment Rate data release on Friday at 12:30 GMT. The EUR/USD exchange currency rate lost 17 pips or 0.15% during a minute, right after the release. Afterwards, the European Single Currency continued trading at the 1.1415 area against the US Dollar.
The Bureau of Labor Statistics released US Unemployment Rate that came out in line with expectations of 3.7%. In addition, the Non-Farm Employment Change together with the Average Hourly Earnings m/m data release came out today at 12:30 GMT.
The Bureau of Labor Statistics noted: "Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate was unchanged at 3.7 percent. Job gains occurred in health care, in manufacturing, in construction, and in transportation and warehousing".
Quiet week for macroeconomic data releases
All of this week's events, which are worth mentioning, are described below
On Tuesday, the US Congressional Elections are taking place. They will impact all of the financial markets through the US Dollar.
On Wednesday, some traders will speculate on the publication of the weekly Crude Oil Inventories at 15:30 GMT. The event will be covered on a live webinar by Dukascopy Analytics.
In addition, on the same day the New Zealand's central bank will announce their Official Cash Rate at 20:00 GMT
On Thursday, the US Federal Reserve's Federal Open Markets Committee will publish their statement and announce the Federal Funds Rate at 19:00 GMT. The event will also be covered on a live webinar by Dukascopy Analytics.
On Friday, at 09:30 GMT the UK GDP and Manufacturing Production data sets will be published. Afterwards, at 13:30 GMT US Producers Price Index will be out. Both events will be covered by Dukascopy Analytics.
EUR/USD daily review
During Monday morning hours, the European Single Currency was supported by the 200-hour SMA near the weekly PP at the 1.1390 mark.In regards to the near-term future, the currency exchange pair will trade upwards due to the support of the weekly PP at 1.1382 and the support of the 200-hour SMA. It is expected that the rate will trade near the 1.1420 mark during the day.
On the other side, the rate might get resisted by the monthly PP at 1.1413 to trade at 1.1360 after the US ISM Non-Manufacturing PMI data release at 15:00 GMT.
Hourly Chart
On the daily chart the upper boundary of a junior descending pattern is still holding the EUR/USD from surging.
Although, the trend line is expected to be broken, as the rate had already reached the lower trend line of a dominant pattern.
Daily chart
Although the EUR/USD has retreated from the high level of 1.1450, traders remain long. On Monday, 62% of traders had open long positions.
Meanwhile, traders had their pending orders set up mostly to sell the EUR/USD, as 58% of all trader set up orders were set to sell the pair.