During Monday morning, the EUR/USD currency pair was testing the resistance level - the Fibo 38.20% at 1.1200.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future.Economic Calendar Analysis
This week, there are only three events that could affect the EUR/USD pair.
On Tuesday, December 31, the US CB Consumer Confidence will be published at 15:00 GMT.
On Friday, January 3, the ISM Manufacturing PMI survey results will be released at 15:00 GMT.
At the same day, the FOMC Meeting Minutes data will be published at 19:00 GMT.
Meanwhile, this week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 30.12-03.01 Event Historical Reactions
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair skyrocketed to the resistance level formed by the Fibo 38.30% at 1.1200. During today's morning, the pair was testing the given resistance.If the given level holds, it is likely that a reversal south could occur in the nearest future. In this case it is unlikely that the exchange rate could gain support of the weekly PP, as well the 55-hour SMA at 1.1145.
On the other hand, the Euro could consolidate against the US Dollar, as the rate could continue to test the given resistance in the short run. If the given level does not hold, the pair could target the psychological level at 1.1240.
Hourly Chart
On the daily candle chart, the rate surpassed the resistance of the 200-day simple moving average, which was located near 1.1150. However, the rate faced the resistance level formed by the Fibonacci 61.80% retracement at 1.1194.
In the meantime, take into account that the support of the 55 and 100-day simple moving averages circa 1.1080 could stop pair decline to the 1.1000 level.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, 72% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were bearish, as 60% of orders in the 100-pip range were to sell and 40% were to buy.