Economic Calendar Analysis
On Tuesday, the EUR/USD currency exchange rate could be impacted by the 15:00 GMT publication of the US ISM Manufacturing PMI. The pair has moved from 9.1 to 40.0 pips on the release since July.
On Wednesday and Thursday, the markets are unlikely going to be impacted by macroeconomic data releases. On those days the ADP Non-Farm Employment Change, US Unemployment Claims and the US ISM Non-Manufacturing PMI are set to be published. All of these releases have not caused increases of USD volatility despite being discussed by the financial media.
On Friday, the US will publish monthly employment data. Namely, the Unemployment Rate, Non-Farm Employment Change and the Average Hourly Earnings. The EUR/USD has moved from 15.7 to 28.9 pips on the announcement.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
On Monday, the EUR/USD currency exchange rate was heading to the 1.2000 level. This round price level stopped the rate's surge in early September. Future scenarios were based upon whether this level manages to once again provide resistance.In the case of the 1.2000 level holding, the rate is likely going to trade sideways until the support of the 55 and 100-hour simple moving averages approach the pair from below.
On the other hand, if the 1.2000 fails to keep the rate down, the EUR/USD would aim at the resistance of the weekly R1 simple pivot point at 1.2020.
Hourly Chart
On the daily candle chart, the EUR/USD has broken the channel down pattern, which guided it since the start of August.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 61% of open position volume was in short positions.
On Monday, the sentiment was 62% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 66% to sell the pair.