Economic Calendar Analysis
This week, the top event will be the FOMC Meeting Minutes publication on Wednesday at 18:00 GMT. The Meeting Minutes will reveal additional details into the US monetary policy.
On Thursday, watch out for the ADP Non-Farm Employment Change at 12:15 GMT, the US Unemployment Claims at 12:30 GMT and the ISM Services PMI together with the JOLTS Job Openings at 14:00 GMT. These data sets will provide a first look at the US labour market situation, before the official data is released on Friday.
On Friday, at 12:30 GMT, the US Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate will be released by the Bureau of Labor Statistics.
EUR/USD hourly chart
A move above 1.0940 could be slowed down by the weekly R1 simple pivot point at 1.0979, before the pair reaches the 1.1000 mark and the June 22 high at 1.1012.However, a decline of the Euro against the US Dollar could first look for support in the 1.0870 level. This level acted as support on Monday morning. Further below, the 1.0840 level and the weekly S1 simple pivot point are highly likely set to stop the rate's decline.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has been ignoring the support and resistance zone at 1.0910/1.0940.Meanwhile, the rate appears to have resumed to respect the 50-day simple moving average near 1.0860. In addition, note the approaching 100-day simple moving average near 1.0850.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, trader open positions were bearish, as 60% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the Euro against the USD.