By the middle of Tuesday's GMT trading hours, the EUR/USD currency exchange rate's recovery was approaching the 1.0900 level.
In general, the rate was expected to continue to surge as high as the 1.0950 level. Above this level the pair would meet with two technical resistance levels.
Economic Calendar Analysis
This week, there will be couple of events that could impact the EUR/USD pair.
On Wednesday, March 25, US Durable Goods Orders data will be released at 12:30 GMT. Since October, this event has caused from 3.0 to 15.1 pips.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT. A move from 5.2 to 12.9 pips has happened during this event since December 2018.
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 Monday, the EUR/USD currency pair raised to the resistance formed by the monthly S1 and the weekly PP near 1.0850. During today's morning, the pair was testing the given resistance.If the given resistance level holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate would have to surpass the 55-hour SMA near 1.07500.
On the other hand, it is likely that the Euro could consolidate against the US Dollar in the short run. However, if bulls prevail in the market, and the pair could target the monthly PP at 1.0968.
Hourly Chart
On the daily candle chart, the rate has bounced off the support of the monthly S2 simple pivot point at the 1.0650 level. Afterwards, the bounce off the support level immediately met with the resistance of the monthly S1 pivot point at 1.0840.
On Tuesday, the resistance of the monthly pivot point was pierced, signalling that a surge could occur in the future.
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.
On Tuesday, the sentiment had slightly changed, as 72% of open position volume was in shorts.
Traders remain short despite the recovery of the EUR/USD during the last three days.