It is likely that the pair could gain support from the weekly R2 and monthly R1 and trade upwards in the short run.
Economic Calendar Analysis
Traditionally, the first week of the month is busy on the economic calendar.
On Monday, June 1, the Institute for Supply Management will release the US ISM Manufacturing PMI survey results at 14:00 GMT.
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
On Thursday, the EUR/USD currency pair raised to the upper line of the medium-term channel at 1.1090. During today's morning, the pair breached the given channel north.It is likely that the exchange rate could gain support from the weekly R2 and the monthly R1 in the 1.1100 area. Thus, some upside potential could prevail in the market.
Note that the rate could face the resistance area formed by the Fibo 38.20%, the weekly R3 and the monthly R2 in the 1.1200/1.1220 range.
Meanwhile, it is unlikely that bears could prevail in the market, and the pair could decline below the 55-hour SMA and the weekly R1 in the 1.1015 area.
Hourly Chart
On the daily candle chart, the rate exceeded the resistance formed by the 55-, 100- and 200-day simple moving average in the 1.1000 area. Note that the rate could face the resistance – the Fibo 61.80% at 1.1184.
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 Friday, on the Swiss Foreign Exchange 75% of all EUR/USD open position volume was in short positions.