Economic Calendar Analysis
This week most events will be ignored due to a simple reason. The US central bank, The Federal Reserve is scheduled to make a rate announcement on Wednesday at 18:00 GMT. The Fed is expected to keep interest rates unchanged at 5.50%.
Afterwards, note the 18:30 GMT press conference of the Chairman of the Federal Reserve Jerome Powel. His comments always cause major volatility and quite often reverse the initial market reaction to the publication of the USD base interest rate.
EUR/USD hourly chart
The ongoing surge of the Euro against the US Dollar is expected to face the resistance of the 1.0640 level, before the pair approaches the weekly R1 simple pivot point at 1.0662. Above the pivot point, take into account that the 1.0700 stopped the last week's surge.However, a potential decline of the Euro might result in the rate looking for support in the weekly simple pivot point a 1.0592 and the 50, 100 and 200 hour simple moving averages near the 1.0580 and 1.0570 levels.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 50-day simple moving average appears to have acted as resistance and forced the rate into a retreat.Daily chart
Read More: Technical Analysis
Traders are long
This week, the Swiss Foreign Exchange traders were 55% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 57% to sell the Euro against the US Dollar.