From there, the rate began a surge, which by the middle of the day's London trading hours had reached the 1.1110 level and broken the resistance of the 55-hour simple moving average.
Economic Calendar Analysis
On Thursday, the European Central Bank will announce its Main Refinancing Rate at 12:45 GMT. Also, the Monetary Policy Statement will be published.
On Friday, the German Flash Manufacturing and Services PMI survey results will be published at 8:30 GMT.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 20.01-24.01 Event Historical Reactions
EUR/USD hourly chart's review
As the second half of Tuesday's trading approached, the EUR/USD broke the resistance of the 55-hour simple moving average near the 1.1100 level. Due to that reason the rate was expected to reach for the combined resistance of the 100 and 200-hour SMAs and the weekly pivot point that are located from 1.1117 to 1.1120.If these resistance levels hold, the pair should trade sideways in the range between the 1.1100 and 1.1120 levels.
Meanwhile, if the resistance fails, the rate could aim for the pivot points near the 1.1150 mark.
Hourly Chart
On the daily candle chart, the pair has passed the support of the 55-day SMA and the lower trend line of the channel up pattern, which has guided the rate since September.
In the meantime, take into account that the 100-day simple moving average was providing support near 1.1065.
Daily chart
Read More: Technical Analysis
Trader sentiment is unchanged
Since the middle of Monday's London trading hours, 61% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were neutral, as 51% of orders in the 100-pip range were to sell and 49% were to buy.
Previously, the orders were 52% long.