In the near term future, the rate could trade sideways until the 55 and 100-hour SMAs catch up and provide support.
Economic Calendar Analysis
This week, on Wednesday, at 12:30 GMT the US Retail Sales and Core Retail Sales data sets are set to be published. Since April, the EUR/USD has moved from 7.6 to 19.9 pips on the announcement.
Wednesday's events are set to end with the most notable event of them all - the Federal Open Markets Committee announcements and the US Federal Reserve Rate Announcement. The EUR/USD moved from 22.2 to 83.0 pips on the announcements that occurred since March.
Afterwards, at 12:30 GMT, the US weekly Unemployment Claims could cause a move. Note that the two last releases caused, respectively, 20 and 40 pip moves.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
It is likely that the exchange rate could trade upwards in the short run, as it could gain support from the 55-, 100– and 200-hour SMAs in the 1.1830/1.1860 range. Note that the rate could face the resistance level—the weekly R1 at 1.1926.If the given resistance level holds, it is likely that a reversal south could occur. In the meantime, it is unlikely that the currency pair could decline below the weekly PP at 1.1839.
Hourly Chart
On the daily candle chart, the rate remains close by to the previously shortly pierced lower trend line of the channel up pattern, which had guided the currency exchange rate since the start of May.
Daily chart
Read More: Technical Analysis
Traders keep short positions
Since Friday, on the Swiss Foreign Exchange 55% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were neutral, as 53% of orders were to buy.