Economic Calendar Analysis
This week, there are two times to look at the economic event calendar.
On Tuesday, at 14:00 GMT, the CB Consumer Confidence index could impact the markets through the US Dollar. Namely, a good reading would indicate that US consumers continue to spend and inflation is set to continue to increase, which would require additional USD monetary tightening.
On Friday, at 12:30 GMT the Core Personal Consumption Expenditure Price Index is bound to make an impact, as the head of the Federal Reserve Jerome Powell revealed last week that he is watching this index as a measure for inflation not the Consumer Price Index.
EUR/USD hourly chart
In the case of the 50-hour SMA pushing the rate down, the 0.9600 level would have to be passed. A move further of the Euro against the US Dollar is highly likely going to look for support in the combination of the weekly S1 simple pivot point at 0.9554 and the 0.9550 mark. Further below, note the 0.9500 and 0.9450 levels.However, a potential recovery of the Euro above the moving average is expected to encounter resistance in the 0.9700 level. Higher above, the combination of 0.9750 and the 100-hour simple moving average are highly likely set to slow down a recovery.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has approached the lower trend line of the 2022 channel down pattern below the 0.9600 level.Daily chart
Read More: Technical Analysis
Traders are long
Since Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 70% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the Euro against the USD.