During the early hours of Tuesday's trading, the rate had reached the 1.1660 level. Meanwhile, it was spotted that traders had closed a portion of long positions and set up additional sell orders.
Economic Calendar Analysis
On Thursday, at 12:30 GMT the weekly US Unemployment Claims might cause a minor USD move. The claims have moved the rate from 9.3 to 13.5 base points since September 16.
On Friday, starting from 07:15 GMT to 08:00 GMT the Manufacturing and Services Purchasing Managers Indices for France, Germany and the Eurozone are bound to be released. During this period, the Euro is highly likely to be volatile.
At 07:15 GMT, the French PMIs might cause a move from 6.4 to 15.1 pips. At 07:30 GMT, the German data might add to the prior move additionally from 9.7 to 17.8 base points. Afterwards, the common Euro Zone PMIs could create another move from 4.8 to 13.0 pips.
At 13:45 GMT, the week's notable events will end with the publication of the US Manufacturing and Services PMIs. The EUR/USD has moved has moved from 7.0 to 18.3 pips allegedly due to the release since May 21.
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
A potential continuation of the surge would most likely face resistance at 1.1685 where the weekly R2 simple pivot point could slow down the surge. Above the pivot point, the 1.1700 mark and a 61.80% Fibonacci retracement level might provide additional resistance.On the other hand, a decline might find support first in the weekly R1 simple pivot point at 1.1644 before possibly finding support in the previous high level zone at 1.1620. In addition, note that the 1.1620 mark could be strengthened by the 55, 100 and 200-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has recovered after booking a new low level. The recovery could encounter resistance in the 1.1700 mark, which might be strengthened by the 55-day simple moving average and a 61.80% Fibonacci retracement level.Daily chart
Read More: Technical Analysis
Long positions are closed
On Monday, on the Swiss Foreign Exchange trader open positions were bullish, as 59% of open position volume was in long positions.
By the middle of Tuesday's trading, the sentiment was 53% long. Traders appear to have closed their long positions, as the rate surged.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 75% to sell the Euro against the USD. The orders were 52% to sell on Monday.
Namely, more selling is likely.