On Monday, as expected the EUR/USD currency exchange rate bounced off the resistance of the 1.0900 level. Moreover, the rate managed to pass the support of various technical levels.
During Tuesday morning GMT trading hours, the pair had reached the 1.0830 level.
Economic Calendar Analysis
Data that might impact the EUR/USD is bound to start being released on Thursday at 07:30 GMT. At that time, the German Markit Flash Manufacturing and Services PMIs are bound to be released. The pair could move around 20 pips on the announcement.
Afterwards, at 08:00 GMT the Euro Zone PMIs could also cause a move of around 20 base points. Prior to the coronavirus crisis, the event caused moves around five pips in five minutes. In fact a five pip move during five minutes on the EUR/USD is considered as a reduced volatility period.
On the same day, at 12:30 GMT, the US Unemployment Claims are scheduled to be released. Most likely, the event would reveal another major decline in US employment.
Also on Thursday, at 13:45 US Manufacturing PMI could cause a move, as in February and March it created 32.5 and 23.0 pip moves.
Last but not least, a notable reaction of above then pips could be created by the US Durable Goods orders.
EUR/USD hourly chart's review
On Tuesday morning, the rate consolidated by trading sideways above the 1.0830 level.In the near term future, the rate was expected to decline, as it had no technical support as the weekly S1 at the 1.0797. However, the pair could find support in the 1.0820 level, which stopped the rate's decline during last week.
On the other hand, the pair might trade sideways until the additional resistance of the 55 and 100-hour simple moving averages approach.
Hourly Chart
On the daily candle chart, the rate bounced off the resistance of the 55-day simple moving average, which is located at the 1.0970 level.
In regards to the future, the pair was expected to test the support of the 1.0780 level, which caused reversals of the rate's direction in February and April
Daily chart
Read More: Technical Analysis
Traders are short
On Tuesday, 74% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Traders had been short since the start of the previous week, as the rate bounced off the resistance of the 55-day SMA.