If the given level holds, it is likely that the pair could trade sideways.
Economic Calendar Analysis
The first week of August is going to be relatively busy on the economic calendar.
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 Wednesday, the EUR/USD currency pair re-tested the 2020 high at 1.1903. During today's morning, the pair declined to 1.1840.It is likely that the exchange rate could gain support from the 55-hour moving average near 1.1825. Thus, some upside potential could prevail in the market in the short term.
Meanwhile, if the given maximum, as well the weekly R1 at 1.1915, it is likely that the Euro could consolidate against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the pair was trading near 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 1.1350.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange 66% 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 64% of all cases.