In addition, on Tuesday Dukascopy Analytics revealed an ascending channel pattern, which had been guiding the rate since August 11.
Economic Calendar Analysis
Despite the week having high impact events on the calendar, Dukascopy Analytics do not expect notable macroeconomic data caused moves.
First of all, note that the FOMC Meeting Minutes on Wednesday will not have a rate announcement and a statement. The Meeting Minutes on their own were excluded from the historical data analysis after for a half-year period it caused only four pip moves on the EUR/USD.
On Thursday, the weekly US Unemployment Claims are set to be published at 12:30 GMT. The event has caused minor moves throughout July, as the EUR/USD moved around ten pips during the announcement.
On Friday, watch out for the German PMI data at 07:30 GMT, as the EUR/USD rate could move more than ten pips.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Tuesday, the rate was expected to test the resistance of the 1.1900 level, which was strengthened by the weekly R1 simple pivot point.If the rate passes the resistance level, it should gradually reach for the weekly R2 at 1.1959. In the meantime, the rate would be kept down by the upper trend line of the recently added channel up pattern.
On the other hand, in the case of the resistance holding, the pair would trade sideways below the 1.1900 or decline down to the 55-hour simple moving average. The SMA was slowly surging near the 1.1850 level and could provide the needed support to push the rate higher.
Hourly Chart
On the daily candle chart, the pair remains in a larger channel up pattern, which has guided the pair since the middle of April.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
Since Monday, on the Swiss Foreign Exchange 65% 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 56% of all cases.
Previously, the orders were 61% to buy.