In regards to the near term future, the pair was expected to reach for the 1.1200 level.
Economic Calendar Analysis
On Wednesday, June 3, two macroeconomic events from the US are expected: the ADP Non-Farm Employment Change at 12:15 GMT and the ISM Non-manufacturing PMI at 14:00 GMT.
On Thursday, June 4, the European Central Bank is set to issue the Monetary Policy Statement and reveal its Main Refinancing Rate at 11:45 GMT.
The week will end with the US Employment data set release on Friday 12:30 GMT.
EUR/USD hourly chart's review
It is likely that the exchange rate could face the resistance formed by the Fibo 38.20% and the weekly R1 near 1.1200. Thus, it is likely that a reversal south could occur.Note that the rate could gain support from the 55-hour moving average near 1.1120. If the given support holds, it is likely that the Euro could consolidate against the US Dollar. Otherwise, the pair could target the weekly PP at 1.1041.
Hourly Chart
On the daily candle chart, the rate faces the resistance – the Fibo 61.80% at 1.1184. This level needs to be broken first for the pair to reach the 1.1200 mark.
In addition, on the chart there is a supporting trend line that has kept the rate up since late March.
Daily chart
Read More: Technical Analysis
Strong short sentiment remains
On Friday, on the Swiss Foreign Exchange 75% of all EUR/USD open position volume was in short positions.
On Monday, the sentiment was 72% short. By the middle of Tuesday's GMT trading hours, 74% of open volume was bearish.