The latest attempt to pass a monthly pivot point failed. It resulted in the breaking of the ascending channel pattern of the hourly candle chart.
In regards to the near term future, there were two scenarios based on what would happen near technical levels at the 1.1015 mark.
Economic Calendar Analysis
This week one data release might impact the EUR/USD currency exchange rate. Although it is a minor one.
On Wednesday, the US Retail Sales and Core Retail Sales data will be published at 12:30 GMT. Since May 2019, the rate has caused moves on the EUR/USD charts from 9.0 to 24.3 base points.
Meanwhile, take into account that next week there will be other events, which are expected to cause larger reactions on other currency exchange rates. Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
EUR/USD hourly chart's review
The EUR/USD has broken the ascending channel pattern of the hourly chart and declined below the 55-hour SMA.By the middle of Tuesday's London trading hours, the rate had reached the weekly pivot point and a 100-hour SMA at 1.1015 and pierced these levels. In the near term future, the rate is expected to break off the mentioned technical levels.
In the case of a decline, the rate would reach for the 200-hour simple moving average near 1.0995. On the other hand, a surge could reach the 55-hour SMA at 1.1029.
Hourly Chart
On the daily candle chart, the pair has reached the resistance of the 55-day simple moving average. The SMA is both providing resistance and signaling that the EUR/USD is no longer oversold on the larger scale.
Daily chart
Read More: Technical Analysis
Traders sell the EUR/USD
Since Monday, 70% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
On Friday, the sentiment was at 67%.
Meanwhile, pending trade orders were bearish, as 55% of orders in the 100-pip range were set to sell and 45% were to buy.
Previously, 63% of orders were to sell the EUR against the USD.