Economic Calendar Analysis
On Monday, look out for the Markit Services and Manufacturing sector Purchasing managers Indices. The European release is set to occur from 07:15 up to 08:00 GMT. The UK data will be out at 08:30 GMT. US results will be published at 13:45 GMT.
On Tuesday, the Consumer Board Consumer Confidence survey results might impact the US Dollar's value.
On Thursday, the Euro will react to the European Central Bank's announcement of the Main Refinancing Rate and the follow up press conference. The publication of the rate and monetary policy statement is scheduled for 12:15 GMT. The press conference is scheduled for 12:45 GMT.
Meanwhile, between the ECB events, at 12:30 GMT the US Advance GDP is set to be published. The event will impact all US Dollar pairs.
On Friday, the US Core PCE Price Index is scheduled to be published at 12:30 GMT. This inflation measure is watched by the US Federal Reserve when setting their policy.
EUR/USD hourly chart
A decline below the weekly simple pivot point and the 0.9708 level could immediately look for support in the 0.9700 mark. Further below, note the weekly S1 simple pivot point at 0.9630.On the other hand, a recovery of the Euro against the US Dollar would face resistance in the 200-hour simple moving average near 0.9765, the 50-hour SMA near 0.9780 and the cluster of technical levels near 0.9800.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the descending 50-day simple moving average and the 0.9860/0.9900 zone once again act as resistance.Daily chart
Read More: Technical Analysis
Traders remain long
On Thursday, on the Swiss Foreign Exchange, trader open positions were bullish, as 62% 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 sell the Euro against the USD.
On Friday, the positions were 60% long. Meanwhile, pending orders were 59% to sell.