Given that the pair is supported by the 55-hour moving average near 1.1730, it is likely that some upside potential could prevail in the market.
Economic Calendar Analysis
Notable macroeconomic events are set to start with the biggest and most important of them all, the Federal Reserve is scheduled to make a Rate Statement and Rate Announcement on Wednesday, at 18:00 GMT.
On Thursday, pay attention to the US Advance GDP and the weekly US Unemployment Claims that should be published at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair raised above the 1.1750 level. During today's morning, the pair reversed south.It is likely that the exchange rate could gain support from the 55-hour moving average near 1.1690 and trade upwards in the short run. In this case the rate could face the resistance formed by the weekly R2 and the 2019 high circa 1.1820.
However, if the given support does not hold, it is likely that some downside potential could prevail. Meanwhile, it is unlikely that the currency pair could decline below the weekly PP and the monthly R2 at 1.1575.
Hourly Chart
On the daily candle chart, the channel up pattern continues to guide the currency exchange rate higher. Note that its upper trend line could provide resistance near the 1.1830 level.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as the closest by 55-day SMA is located near 1.1230.
Daily chart
Read More: Technical Analysis
Short sentiment declines
On Wednesday, on the Swiss Foreign Exchange 61% 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 buy in 51% of all cases.