Economic Calendar Analysis
The top event of the week was the US Consumer Price Index release, which hit market forecasts on Tuesday at 12:30 GMT. However, there are more events that are expected to impact the currency pair.
On Wednesday, at 12:30 GMT, the US Retail Sales and Producer Price Index data sets are expected to impact the financial markets through and adjustment of the value of the US Dollar.
On Thursday, the EUR/USD is set to react to the expected 0.50% European Central Bank Main Refinancing Rate hike at 13:15 GMT. The ECB has revealed that it is set to combat inflation with subsequent 0.50% interest rate hikes.
In addition, note that more volatility could be caused by the press conference hosted by the management of the central bank at 13:45 GMT.
EUR/USD hourly chart
A move above the 1.0750 level could encounter resistance in the combination of the weekly R2 simple pivot point at 1.0797 and the 1.0800 mark. Higher above, note the 1.0850 level and the weekly R3 at the 1.0900 mark.On the other hand, a decline of the currency pair below 1.0700 might look for support in the 100 and 200-hour simple moving averages, the 1.0650 level and the weekly simple pivot point at 1.0621. Further below, note the 1.0600 that might slow down a potential decline to the 1.0550 level and the March low levels near it.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is testing the combined resistance of the 50-day simple moving average, the 2022 December high level zone and the upper trend line of a channel down pattern. The channel captures the pair's decline since the bounce off from the 1.1000 mark.Daily chart
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Traders are neutral
On Tuesday, trader open positions were neutral, as 50% of open position volume was in long and short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell the Euro against the USD.