Economic Calendar Analysis
During the upcoming week, on Tuesday, the US Flash Manufacturing and Services PMIs might impact the financial markets through an adjustment of USD value.
On Wednesday, take into account that a possible move could be caused by the European PMIs from 07:00 up to 08:00 GMT.
In the evening, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, The US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
EUR/USD hourly chart
A potential recovery of the Euro against the US Dollar is likely set to face resistance in the 1.0880 level and the 50-hour simple moving average. Higher above, note the 1.0900 mark, the weekly simple pivot point at 1.0916 and the 100-hour simple moving average.On the other hand, an extension of the ongoing decline would look for support in the 1.0845/1.0850 range. Further below, note the 1.0800 mark and the weekly S1 simple pivot point at 1.0779.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached below the 50-day simple moving average and the lower trend line of the pattern that captures the broad EUR/USD recovery that has been taking place since October.An extension of the decline could look for support in the 100-day SMA near 1.0820.
Daily chart
Read More: Technical Analysis
Traders reduce short position amount
On Friday, trader open positions were bearish, as 59% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 50% to sell and buy the Euro against the USD.
On Monday, traders were 54% short and orders were 64% to sell.