Economic Calendar Analysis
This week, on Wednesday, the US ISM Manufacturing PMI and JOLTS Job Openings could cause an adjustment in the value of the US Dollar at 15:00 GMT.
Afterwards, at 19:00 GMT, the release of the US Federal Open Markets Committee Meeting Minutes are set to impact the value of the US Dollar. The Meeting Minutes are set to reveal more details on the Federal Reserve's previous meeting and rate decision.
On Thursday, the US ADP Non-farm Employment Change might impact the value of the US Dollar at 13:15 GMT.
On Friday, The United States employment data release at 13:30 GMT is highly likely going to impact the US Dollar. Later on, at 15:00 GMT the ISM Services PMI is set to cause minor impact on the financial markets.
EUR/USD hourly chart
A resumption of the surge would have to reach above 1.0700. Higher above, the December high level is expected to act as resistance at 1.0736. Afterwards, the weekly R1 simple pivot point at 1.0745 could slow down a surge.On the other hand, a decline of the Euro against the US Dollar would have to pass the support of the 50-hour SMA and the weekly simple pivot point at 1.0671. Further below, note the 100 and 200-hour simple moving averages near 1.0655 and 1.0640.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 1.0600 had acted as resistance since December 5. During the CPI release on 14.12.2022, the level was broken. Most recently, the level was observed to be acting as support.Next target for the pair could be the 1.0790/1.0810 zone.
Daily chart
On Monday, trader open positions were bearish, as 61% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to buy the Euro against the USD.