In the meantime, the rate was being pressured by technical resistance levels near the 1.0820 mark. At that level the 100 and 200-hour simple moving averages.
Economic Calendar Analysis
Today, the US Retail Sales on Friday is being released at 12:30 GMT.
During the week, Markit is going to publish the US Flash Manufacturing PMI survey results on Thursday, May 21, at 13:45 GMT.
Additionally, the German Flash Manufacturing and Services PMIs survey results are set to be issued on Friday, May 22, at 7:30 GMT.
17.05-23.05 Event Historical Reactions
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair failed to exceed the 1.0840 level. During today's morning, the pair was trading in the 1.0810 area.
Given that the exchange rate is pressured by the 55-, 100– and 200-hour SMAs in the 1.0800/1.0825 area, it is likely that some downside potential could prevail in the market.
Note that the rate could gain support from the weekly and monthly S1s in the 1.0770 area. If the given support holds, it is likely that a reversal north could follow.
Hourly Chart
On the daily candle chart, the rate has bounced off the low level of April and March near the 1.0775 mark. This level strengthened the support of the monthly S1 simple pivot point.
Note that the pair is pressured by the 55-, 100- and 200-day moving averages in the 1.0940/1.1020 range.
Daily chart
Read More: Technical Analysis
Traders close short positions
On Friday, 65% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Monday's GMT trading hours, the sentiment was 57% long. Traders had closed short positions and went long.