In regards to the near term future, if the pair passes the 1.1150 mark, it could reach for the 1.1200 level.
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
During Friday, the EUR/USD currency pair traded sideways in the 1.1100/1.1150 range. During today's morning, the rate continued to trade within given area.Note that the exchange rate could gain support from the 55-hour SMA near 1.1090 and extend gains in the short run. In this case the rate could face the resistance cluster formed by the weekly and monthly R1s, as well the Fibo 38.20% in 1.1200/1.1246 area.
However, if the SMAs support does not hold, it is likely that some downside potential could prevail in the market. In this case the pair would have to surpass the support area formed by the 100– and 200-hour SMAs, as well the weekly and monthly PPs in 1.0985/1.1041.
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 remain short on EUR/USD
On Friday, on the Swiss Foreign Exchange 75% of all EUR/USD open position volume was in short positions.
By the middle of Monday's GMT trading hours, the sentiment was 72% short.