The pair could gain support from the 55-hour SMA and trade upwards in the nearest future.
Economic Calendar Analysis
This week, there is one notable time to watch the economic calendar. Today, a group of various US data sets will be published at 12:30 GMT.
Each one of these data sets on their own can cause a move of about ten pips. Combined, the move could total to up to 30 pips.
EUR/USD hourly chart's review
The EUR/USD currency pair has revealed a medium-term ascending channel. During Thursday morning, the pair was testing the weekly R1 at 1.1010.Note that the exchange rate is supported by the 55-hour SMA near 1.0980. Thus, it is likely that some upside potential could prevail in the market. In this case the rate could target the upper channel line circa 1.1080.
However, if the given resistance holds, it is likely that the Euro could consolidate against the US Dollar. If the given support does not hold, the pair could decline to the 100– and 200-hour SMAs near 1.0940.
Hourly Chart
On the daily candle chart, the rate is pressured by the 55-, 100- and 200-day simple moving average in the 1.1000 area.
In addition, Dukascopy Analytics spotted that there is a supporting trend line that has kept the rate up since late March.
Daily chart
Read More: Technical Analysis
Traders go short on EUR/USD
On Thursday, on the Swiss Foreign Exchange 73% of all EUR/USD open position volume was in short positions.