Economic Calendar Analysis
On Wednesday, the top event of all macroeconomic events will occur. The US Federal Reserve Federal Open Market Committee is going to publish their Economic Projections, Statement and the Federal Funds Rate. This event has caused EUR/USD moves from 17.1 to 67.1 base points.
On Thursday, Markit Institute will publish their Purchasing Managers Indexes. The indexes are a result of survey of manufacturing and services sector managers about their outlook on their respective fields.
At 07:15 GMT, the French Flash Manufacturing and Services PMIs will be published. The immediate reaction to the event has been from 6.4 to 15.1 base points.
At 07:30 GMT, the German PMIs will be published. The German results have been the catalyst for moves from 6.8 to 17.8 points.
The PMI releases for Europe will end at 08:00 GMT, when the common Euro Zone Flash Manufacturing and Services PMIs will be published. The common PMIs cause muted reaction, as most occurs after the German data. Namely, the common EU data has caused 4.2 to 13.0 base point moves.
Also on Wednesday, at 12:30 GMT, the weekly US Unemployment Claims could cause minor increases of volatility. However, the range for the EUR/USD moves during the release has been from 5.4 to 11.1 base points. On average, the EUR/USD moves less than 10 points on its own, during no event environment.
The week's notable events will end with the US Markit PMI release. Namely, the US Flash Manufacturing and Services PMIs at 13:45 GMT are highly likely to cause USD moves. For example, the EUR/USD has moved from 6.8 to 18.3 pips.
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
In the case that the rate surges above the resistance of the 100-hour SMA and the 1.1750 level, the weekly simple pivot point at 1.1766 could be targeted. In addition, note the approaching 200-hour SMA at 1.1775.On the other hand, a decline below the 1.1720 level might once again look for support in the 1.1700 level and the 61.80% Fibonacci retracement level at 1.1707. Afterwards, a decline might reach the weekly S1 simple pivot point at 1.1686.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has reached the support of the 1.1700 mark, which is strengthened by a 61.80% Fibonacci retracement level.A passing of the support of the 1.1700 mark could result in the test of the support of the 2020 low levels near 1.1600. On the other hand, a recovery might find resistance in the 55-day simple moving average near 1.1800.
Daily chart
Read More: Technical Analysis
Traders remain long
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to buy the currency exchange rate.