It is likely that the pair could gain support from the 55- and 100-hour SMAs, as well the weekly PP and extend gains in the short run.
Economic Calendar Analysis
The first week of August is going to be relatively busy on the economic calendar.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published at 14:00 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 Monday, the EUR/USD currency pair re-tested the support level formed by the Fibo 61.80% at 1.1707. During today's morning, the pair was trading near 1.1800.It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs, as well the weekly PP near 1.1780. Thus, it is likely that some upside potential could prevail in the market.
Meanwhile, it is unlikely that bears could prevail in the market, and the currency pair could decline below the Fibo 61.80% in the nearest future.
Hourly Chart
On the daily candle chart, the pair reversed south from the upper boundary of the ascending trend. Note that the pair could gain support from the Fibo 38.20% at 1.1707.
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
Since Monday, on the Swiss Foreign Exchange 67% 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 sell in 57% of all cases.