Economic Calendar Analysis
On Wednesday, at 12:15 GMT the US ADP Non-Farm Employment Change could cause a minor USD move. The EUR/USD has reacted to the event with moves from 8.4 to 15.0 pips.
Later on, at 14:00 GMT the US ISM Non-Manufacturing PMI will be out. During the event, the pair has moved from 6.6 to 32.2 pips.
Wednesday will end with the US Federal Open Markets Committee Statement and Federal Funds Rate publication at 18:00 GMT. The EUR/USD has moved from 29.1 to 67.1 base points during the time of the publication.
On Thursday, at 12:30 GMT, the US Unemployment Claims on Thursday might cause a minor USD move. The rate has moved 7.6 to 16.7 pips, as the Claims are released.
On Friday, US statisticians will publish their monthly employment data sets at 12:30 GMT. The event has moved EUR/USD from 21.7 to 50.1 pips since June 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
If the EUR/USD passes the resistance of the 100-hour SMA, it would immediately face the resistance of the 200-hour SMA at 1.1616. Above the SMA, the weekly R1 simple pivot point at 1.1658 might act as a resistance level.On the other hand, a decline of the rate would first need to pass the support of the weekly simple pivot point at 1.1597, the 55-hour simple moving average and the support zone of 1.1585/1.1590. Below these levels, the rate might find support in the Friday low level at 1.1535.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD started the decline before reaching the combined resistance of the 55-day simple moving average, the 61.80% Fibonacci retracement level and the 1.1700 mark. In regards to support levels on this chart, note the 50.00% Fibonacci retracement level at 1.1454.Daily chart
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Traders are long
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 57% of open position volume was in long positions.
On Tuesday, 56% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to sell the Euro against the USD.