Note that the pair remains to be under pressure of the 200-hour moving average. Thus, it is likely that a reversal south could occur in the nearest future.
Economic Calendar Analysis
This week is set to start with the US Advance GDP on Wednesday at 12:30 GMT. This is the first of three types of US quarterly GDPs. The Advance release reveals the first Gross Domestic Product numbers about a quarter. The following Preliminary and Final GDPs usually reveal slight adjustments. In general, the data will reveal the first impact of the coronavirus on the US economy.
Afterwards, at 18:00 GMT, the Federal Reserve is bound to make a rate statement, which is bound to react to the ongoing economic decline. Take into account that the Federal Reserve Rate announcement and FOMC Statement are set to be followed by a Press Conference at 18:30 GMT.
The FOMC is set to be followed by the European Central Bank on Thursday, at 11:45 GMT. The ECB is set to make a rate publication and release its Monetary Policy Statement.
In addition, note the Canadian GDP and US Unemployment Claims on Thursday at 12:30 GMT. Moreover, the US ISM Manufacturing PMI is scheduled to be published on Friday at 14:00 GMT.
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair raised to the 100-hour SMA near 1.0820. During today's morning, the pair raised to the resistance formed by the 200-hour SMA near 1.0850.It is likely that the exchange rate could gain support from the 100-hour SMA and the weekly PP at 1.0820 and trade upwards in the short term. In this case the rate could face the resistance formed by the Fibo 23.60% and the weekly R1 in the 1.0886/1.0905 range.
However, if the 200-hour SMA holds, it is likely that a reversal south could occur in the nearest future. Note that the pair could gain support from the 55-hour SMA near 1.0800. If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the rate reversed north from the 1.0780 level, which provided the pair with support in February and early April.
In the meantime, take into account that the rate is pressured by the 55-, 100- and 200-day SMAs located in the 1.0945/1.0945 cluster.
Daily chart
Read More: Technical Analysis
Traders continue to gain
Since the start of the previous week a majority of open EUR/USD position volume on the Swiss Foreign Exchange has been in short positions.
On Monday, 71% of open volume was being held by bears.
In general, as the rate has been declining since April 16, it is assumed that they have gained profits during this time.