Given that the pair is supported by the 100-hour SMA, it is likely that some upside potential could prevail in the market.
Economic Calendar Analysis
This week, there is one notable time to watch the economic calendar. At 12:30 on Thursday, a group of various US data sets will be published.
Each one of these data sets on their own can cause a move of about ten pips. Combined, the move could total to up to 30 pips. br>
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair consolidated in the 1.0900 area. During today's morning, the pair skyrocketed to 1.0960.On the one hand, it is likely that some upside potential could continue to prevail in the market. Note that the nearest resistance level—the weekly R1, is located at 1.1010.
On the other hand, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs and the Fibo 23.60% in the 1.0886/1.0920.
Hourly Chart
On the daily candle chart, the rate is pressured by the 55-, 100- and 200-day simple moving average in the 1.1000 area.
In addition, Dukascopy Analytics spotted that there is a supporting trend line that has kept the rate up since late March.
Daily chart
Read More: Technical Analysis
Traders go short on EUR/USD
On Tuesday, on the Swiss Foreign Exchange 72% of all EUR/USD open position volume was in short positions.