Economic Calendar Analysis
On Monday, a slight move on all USD assets could be caused by the US Durable Goods Orders and Core Durable Goods Orders release at 12:30 GMT. The EUR/UDS has moved from 4.8 to 11.1 pips on the event. Note that 10 base point move in a span of then minutes is normal for the EUR/USD.
On Thursday, at the same time as the US GDP, the US weekly Unemployment Claims could also impact the USD. The GDP has caused moves from 6.4 to 12.8 pips, and the Unemployment Claims have caused from 5.4 to 13.5 base points.
On Friday, at 14:00 GMT a notable move could be created by the US ISM Manufacturing PMI results. The rate has moved from 8.2 to 16.5 base points on the release since May 2021.
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 passes the support of the 1.1685 level, a decline would follow. A target for a potential decline would be the weekly S2 simple pivot point at 1.1648 and the 1.1650 mark.Meanwhile, a holding out of the support level would most likely result in a recovery. A recovery of the EUR/USD could encounter resistance in the 1.1700 mark and the 61.80% Fibonacci retracement level at 1.1707 before aiming at the weekly simple pivot point at 1.1720 and the 55-hour SMA at 1.1725.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD recovery attempts have been failing due to the resistance of the 1.1750 level. In the meantime, the 1.1700 level's support has been pierced two times already.A clear 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
Long sentiment increases
On Friday, on the Swiss Foreign Exchange trader open positions were bullish, as 62% of open position volume was in long positions.
On Monday, 64% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to buy the currency exchange rate.