The resistance of the round price level could be passed as soon as the rate ends its consolidation and the 55 and 100-hour SMA move closer to it.
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
It is likely that the exchange rate could gain support from the monthly R2 at 1.1575 and trade upwards in the short run. Note that the rate could face the resistance level—the weekly R3, located at 1.1638.If the predetermined resistance holds, it is likely that a reversal south could occur. Meanwhile, note that the pair could gain support from the 55-hour SMA and the weekly R2 circa 1.1540.
Hourly Chart
On the daily candle chart, on Tuesday, a channel up pattern was spotted and drawn on the chart. It can be added by connecting the mid-May low level and the late-June low level and setting a parallel line at the June high levels.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1200 mark.
Daily chart
Read More: Technical Analysis
Traders remain short
On Thursday, on the Swiss Foreign Exchange 72% of all EUR/USD open position volume was in short positions.
Most likely, traders are expecting a retracement back down.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to buy.