In the meantime, take into account that the 55-hour SMA provided support of the most recent surge. In addition, on Friday, the SMA was located near the 1.1580 level and could cause another surge.
Economic Calendar Analysis
There are no more notable events scheduled for this week.
Next week, notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
In the near term future, it appears that the rate would trade between the 1.1620 and 1.1600 level until the 55-hour SMA approaches the rate and pushed it higher. In the case of a surge, the rate would then test the resistance of the weekly R3 pivot point at 1.1638.On the other hand, the SMA might fail to push the rate higher. In this case, the pair should drop down to the monthly pivot point at 1.1575.
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 the most close by 55-day SMA is located near 1.1200.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange 70% of all EUR/USD open position volume was in short positions. It was 72% short on Thursday.
Most likely, traders are expecting a retracement back down.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 50% to buy and 50% to sell. Namely, they were balanced.
Previously, the orders were 59% to buy.