Given that the pair is pressured by the 55- and 100-hour SMAs, it is likely that some downside potential could prevail.
Economic Calendar Analysis
The first week of August is going to be relatively busy on the economic calendar.
On Monday, the Institute for Supply Management is going to publish the US ISM Manufacturing PMI survey results at 14:00 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published on Wednesday at 14:00 GMT.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the Canadian and US Employment data set releases could be in the spotlight. The releases are scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair reversed south from the 2020 high at 1.1903. During today's morning, the pair declined to 1.1750.Given that the exchange rate is pressured by the 55– and 100-hour SMAs in the 1.1800 area, it is likely that some downside potential could prevail in the market.
Meanwhile, note that the rate could gain support from the 200-hour SMA and the Fibo 61.80% at 1.1707. 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 pair reversed south from the upper boundary of the ascending trend.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as the closest by 55-day SMA is located near 1.1300.
Daily chart
Read More: Technical Analysis
Traders remain short
On Monday, on the Swiss Foreign Exchange 67% 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 set to buy in 65% of all cases.