Economic Calendar Analysis
This week, the EUR/USD could be impacted by the release of the US ISM Manufacturing Purchasing Managers Index release on Wednesday at 14:00 GMT.
The top day for fundamental event watchers will be Friday. On Friday, at 12:30 GMT the US will release the country's monthly employment data. Later on, at 14:00 GMT, the US ISM Services Purchasing Managers Index is set to be out.
Most impact is expected from the US employment data release. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review In the case of a surge, the rate could reach for the resistance of the weekly R1 simple pivot point at 1.1837 and the weekly R2 simple pivot point at 1.1875. However, take into account that the 1.1850 mark could provide resistance.
On the other hand, a potential decline could look for support in the last week's high levels near 1.1775 and the 55-hour simple moving average. If the rate passes the support levels near 1.1775, the EUR/USD could almost immediately find more support at 1.1765. At the 1.1765 level the weekly simple pivot point and the 100-hour simple moving averages could provide additional support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD pair appears to be retracing back up after breaching the support of the 1.1700 level. The additional resistance of the 55-day simple moving average could provide the rate with enough resistance for a resumption of the decline.A potential larger scale decline could aim at the November and September low level at 1.1600.
Daily chart
Read More: Technical Analysis
Short sentiment decreases
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 62% 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 70% to sell the currency exchange rate.