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
Next resistance for the pair is set to be encountered near the 1.0700 mark. This level reversed the pair's last week attempt to surge.Meanwhile, a decline of the EUR/USD is expected to look for support in the 1.0640 and 1.0620 levels, before approaching the combination of the weekly simple pivot point and the three hourly moving averages near 1.0590.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the 50-day simple moving average appears to be acting as resistance and strengthens the 1.0635/1.0695 zone.Daily chart
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Traders are long
On Monday, 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.
On Tuesday, 53% were long and orders were 53% to buy.