On Tuesday morning, the currency exchange rate had consolidated by retreating and trading sideways near 1.1700. Afterwards, it found support in the 200-hour SMA and resumed the surge.
Economic Calendar Analysis
Data releases start on Thursday. On that day the weekly US Unemployment Claims will be out at 12:30 GMT. The EUR/USD has moved from 7.4 to 11.3 pips on the announcement.
On Friday, starting from 07:15 GMT, the Markit Institute will be releasing Flash Services and Manufacturing Purchasing Managers Indices.
The biggest move is most likely going to occur on the release of the French and German PMIs at 07:15 GMT and 07:30 GMT.
The French PMIs have been causing moves from 10.00 to 30.5 pips. Meanwhile, German PMIs cause moves from 11.3 to 17.5 pips.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair jumped to the monthly PP at 1.1782.It is likely that the exchange rate could gain support from the 200-hour SMA near 1.1760 and trade upwards in the short term. In this case the rate could target the 1.1820 level.
In the meantime, note that the currency pair would have to exceed the weekly R1 at 1.1803. If the given resistance holds, the Euro could trade sideways against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the rate had additional resistance in the form of the 55-day simple moving average, which was located at 1.1800.
In the meantime, additional support on the daily candle chart was provided by the 100-day SMA at the 1.1610 level.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Monday, on the Swiss Foreign Exchange trader open positions were bearish, as 56% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to sell the pair.