The EUR/USD currency pair remains to trade above the support level – the monthly S2 at 1.0650.
During Monday morning, the pair was under pressure of the 55-hour SMA. If the given support does not hold, some downside potential could prevail in the market.
Economic Calendar Analysis
This week, there will be couple of events that could impact the EUR/USD pair.
On Tuesday, March 24, the German Flash Manufacturing and Services PMIs survey results are set to be released at 8:30 GMT.
On Wednesday, March 25, US Durable Goods Orders data will be released at 12:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, this week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair re-tested the support level formed by the monthly S2 at 1.0650. During today's morning, the pair was trading near the given support.Note that the exchange rate is pressured by the 55-hour SMA near 1.0750. Thus, some downside potential could prevail in the market. In this case the rate could gain support from the monthly S3 and the weekly S1 in the 1.0500 area.
However, if the given support level holds, it is likely that the currency pair could consolidate in the nearest future. Also, it is unlikely that bulls could prevail in the market, and the pair could exceed the monthly S1 at 1.0840.
Hourly Chart
On the daily candle chart, it can be observed that the pair dropped to the support level - the monthly S2, is located at 1.0650.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Friday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.