Note that the pair could face the resistance level – the Fibo 50.00%, and reverse south.
Economic Calendar Analysis
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 Tuesday, the EUR/USD currency pair raised to the upper line of the short-term ascending channel at 1.1410. During today's morning, the pair broke the given line.It is likely that the exchange rate could face the resistance of the Fibo 50.00% at 1.1454 and reverse south in the nearest future. In this case the rate could decline to the support area formed by the 55– and 100-hour SMAs, as well the weekly R1 in the 1.1340/1.1366 area.
Meanwhile, note that the currency pair could gain support from the monthly R1 at 1.1404. Thus, it is likely that the Euro could trade sideways against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, the rate pierced 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 64% 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 57% to sell.