It is likely that the pair could trade sideways between the given level and the monthly R2 at 1.1828.
Economic Calendar Analysis
The first week of August is going to be relatively busy on the economic calendar.
On Monday, the Institute for Supply Management is going to publish the US ISM Manufacturing PMI survey results at 14:00 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published on Wednesday at 14:00 GMT.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the Canadian and US Employment data set releases could be in the spotlight. The releases are scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Thursday, the EUR/USD currency pair reached new 2019/2020 high at 1.1903. During today's morning, the pair reversed south.From the one hand, it is likely that some downside potential could prevail in the market. In this case it is unlikely that the exchange rate could decline below the weekly R1 at 1.1742.
Meanwhile, note that the currency pair could gain support from the weekly R2 at 1.1828. If the given support holds, it is likely that the pair could consolidate in the short run.
Hourly Chart
On the daily candle chart, the pair is testing the upper boundary of the ascending channel.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as the closest by 55-day SMA is located near 1.1300.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange 60% 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 set to buy in 60% of all cases.