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 near term future, the pair could trade sideways until it is approached by the support of the 55 and 100-hour simple moving averages. The SMAs could provide support and push the rate into the resistance of the weekly R1 and weekly R2 simple pivot points at 1.1837 and 1.1875.
However, the rate might also consolidate its gains by retracing back down and look for support in the 1.1800 level and the previous August high levels.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has pierced the resistance of the 55-day simple moving average, which was providing resistance at 1.1825. Above the 55-day SMA, the most close by technical resistance level on the daily candle chart was the July and August high level zone that surrounds the 1.1900 mark.Daily chart
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Traders remain long
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 62% of open position volume was in long positions.
On Tuesday, 61% of volume was bullish.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 74% to sell the currency exchange rate.