In the near term future, the rate could be pushed up by the support of the 55-hour simple moving average.
Economic Calendar Analysis
During the week, on Thursday, at 13:30 GMT USD pairs could move because of the release of the US Consumer Price Index and the Unemployment Claims. The rate could move up to 20 pips on the announcement.
On Friday, the US Producer Price Index are scheduled to be released at 13:30 GMT. The EUR/USD has moved from 7.2 to 48.9 pips during the release of the PPI.
However, the 48.9 pips move was an anomaly caused by other data being released together with the PPI. Instead, expect a move from 7.2 to 12.2 pips.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
Since Friday, the EUR/USD currency pair has been testing the psychological level at 1.1900.It is likely that the exchange rate could gain support from the 55-hour moving average near 1.1840 and trade upwards in the short term. In this case the rate could face the resistance formed by the 2020 high and the weekly R1 circa 1.9950.
In the meantime, it is unlikely that bears could prevail in the market, and the currency pair could decline below the support area formed by the 200-hour SMA, the Fibo 61.80% and the weekly S1 in the 1.1689/1.1735 range.
Hourly Chart
On the daily candle chart, the EUR/USD currency exchange rate has broken the resistance of the channel down pattern, which guided the rate down since August.
In the near term future, the rate could test the resistance of the August high level of 1.2000.
Daily chart
Read More: Technical Analysis
Short sentiment increases
On Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 55% of open position volume was in short positions.
On Monday, the sentiment was 58% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to sell the pair.
The orders were 69% to sell on Friday.