During the early hours of Monday's trading, the pair reached and bounced off the resistance of the weekly simple pivot point at 1.1723 and reached the support of a 61.80% Fibonacci retracement level at 1.1707.
Economic Calendar Analysis
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
EUR/USD hourly chart's review In the near term future, the pair could pass the support of the 61.80% Fibonacci retracement level at 1.1707, the 100-hour simple moving average at 1.1705 and the 1.1700 mark. In this case scenario, the EUR/USD could look for support in the 55-hour simple moving average near 1.1690.
On the other hand, a potential recovery would find resistance in the weekly simple pivot point at 1.1723 and the 200-hour simple moving average at 1.1730.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD currency pair breached a support line formed by the 61.80% Fibonacci retracement level at the 1.1700 area.The exchange rate appears to be heading to the November low level of 1.1600. In the meantime, currency exchange rate could consolidate around the 61.80% Fibonacci retracement level in the shorter term.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 63% of open position volume was in long positions.
On Friday, 65% of volume was bullish.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the currency exchange rate.