Economic Calendar Analysis
This week, the US Consumer Price Index data release on Wednesday at 12:30 GMT is set to impact the financial markets.
On Thursday, watch out for the US Producer Price Index publication at 12:30 GMT. In addition, at the same time the US weekly Unemployment Claims numbers will be out.
EUR/USD hourly chart
An extension of the decline is expected to look for support in the 1.0965 level. Further below, note the weekly S1 simple pivot point at 1.0941 and the 1.0900 mark.On the other hand, a possible recovery of the Euro against the US Dollar is highly likely going to test the 1.1085/1.1095 resistance zone and the weekly R1 simple pivot point at 1.1091.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the channel up pattern, which has guided the rate up since early March. In general, the breaking occurred via sideways trading as the markets waited for the US Fed and European Central Bank rate announcements.Daily chart
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Traders are shorting
This week, trader open positions were bearish, as 66% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to buy the Euro against the USD.