During Monday morning, the pair was testing the support formed by the 55- and 100-hour SMAs, as well the weekly PP near 1.1305.
Economic Calendar Analysis
This week, data releases are scheduled to start on Tuesday. However, the US CPI data sets have not caused notable moves. Normal volatility remains intact during the announcement.
On Thursday, the European Central Bank will make a rate statement and publish a monetary policy statement at 11:45 GMT.
This event will be followed by the publication of the US Retail Sales and Unemployment Claims at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair tested the resistance level formed by the weekly R1 at 1.1366. During today's morning, the pair touched 1.1330.It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs near 1.1320. Thus, some upside potential could prevail in the market. In this case the rate could target the monthly R1 at 1.1404.
However, if the given resistance level holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the rate could gain additional resistance from the trend line that connects the March and June high levels.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1100 mark.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
On Tuesday, on the Swiss Foreign Exchange 70% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell.