However, it was expected that the 1.1800 level could provide psychological resistance.
Economic Calendar Analysis
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
By the middle of Monday's GMT trading hours, the EUR/USD had no technical resistance as high as the weekly R2 simple pivot point at 1.1828. In theory, the rate should reach for this level.However, the 1.1800 mark could stop the rate's surge and force it to trade sideways.
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 closest by 55-day SMA is located near 1.1200.
Daily chart
Read More: Technical Analysis
Short sentiment declines
On Monday, on the Swiss Foreign Exchange 66% of all EUR/USD open position volume was in short positions. It was 70% short on Friday.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell and 49% to buy.
Previously, the orders were balanced 50/50.