However, after passing the resistance, the rate experienced a sharp drop and retreated to the 55 and 100-hour simple moving averages.
Economic Calendar Analysis
On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the UK Retail Sales data will be issued at 6:00 GMT. On the same day, Markit is going to publish PMIs survey results for Germany and the US.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair tested the 1.1440 level. During today's morning, the pair broke the Fibo 50.00% at 1.1454.From the one hand, it is likely that some upside potential could prevail in the market. In this case the exchange rate could target the 1.1500/1.15200 area in the short run.
Meanwhile, Note that the pair could gain support from the 55– and 100-hour SMAs, as well the weekly PP and the monthly R1 in the 1.1400 area.
Hourly Chart
On the daily candle chart, the rate pierced additional resistance from the trend line that connects the March and June high levels. Also, the rate faced the resistance from the Fibo 50.00% at 1.1445.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1150 mark.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Friday, on the Swiss Foreign Exchange 63% of all EUR/USD open position volume was in short positions.
By the middle of Monday's trading hours, the sentiment was 66% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell.