Economic Calendar Analysis
This week, the US Advance GDP release at 12:30 on Thursday is bound to impact the value of the US Dollar.
However, the top event of the week will be the US Core PCE Price Index release at 12:30 GMT. The US Federal Reserve looks at this inflation indicator for future guidance of their monetary policy.
EUR/USD hourly chart
If the pair declines even more, it could look for support in the 50-hour simple moving average at 1.1010, the 1.1000 mark and the combination of the 100 and 200-hour SMAs near 1.0990. Further below, note the weekly simple pivot point at 1.0965.Meanwhile, a potential resumption of the EUR/USD surge could face resistance at 1.1040 ad 1.1060, as these levels have acted as resistance and support during this week's trading. In addition, note that the rate appears to be almost ignoring the weekly R1 and R2 simple pivot points.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has retraced and declined below the last year's April high. If the rate starts a broad decline, support might be found in the 55 and 100 day simple moving averages near 1.0760.However, a potential recovery might encounter resistance in the early 2022 low and high level zone at 1.1130/1.1190.
Daily chart
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Traders are shorting
On Monday, trader open positions were bearish, as 63% 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 sell the Euro against the USD.
On Tuesday, open positions were still 63% short and orders were 56% to buy.