In the near term future, the rate was expected to test the resistance of the 1.1900 mark and the 200-hour simple moving average.
Economic Calendar Analysis
On Tuesday, the US ISM Services Purchasing Managers Index release at 14:00 GMT could cause a minor move on USD pairs. However, note that during most times the event does not cause an increase of volatility.
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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
If the pair passes the resistance of the 1.1900 level, the rate would most likely aim at the resistance of the weekly R1 simple pivot point at 1.1939. Afterwards, the pair could reach for the 1.2000 mark.On the other hand, a potential bounce off from the resistance of the 1.1900 level could look for support in the weekly simple pivot point at 1.1873, the 100-hour simple moving average at 1.1867 and the 55-hour SMA at 1.1852.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has pierced the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached.On the other hand, a potential recovery would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 56% of open position volume was in long positions.
On Friday, the open position volume was 57% long.
On Friday, trader set up pending orders in the 100-pip range around the pair were 68% to buy the pair. The orders were 52% to buy on Monday.