In theory, the rate could pass this level, if it would get pushed up by the support of the 55 and 100-hour simple moving averages.
Economic Calendar Analysis
This week, on Wednesday, at 12:30 GMT the US Retail Sales and Core Retail Sales data sets are set to be published. Since April, the EUR/USD has moved from 7.6 to 19.9 pips on the announcement.
Wednesday's events are set to end with the most notable event of them all - the Federal Open Markets Committee announcements and the US Federal Reserve Rate Announcement. The EUR/USD moved from 22.2 to 83.0 pips on the announcements that occurred since March.
Afterwards, at 12:30 GMT, the US weekly Unemployment Claims could cause a move. Note that the two last releases caused, respectively, 20 and 40 pip moves.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair failed to exceed the monthly PP at 1.1867. During today's morning, the pair was testing the given level.Given that the exchange rate is supported by the 55-, 100– and 200-hour SMAs in the 1.1820 area, it is likely that some upside potential could prevail in the market. In this case the rate could target the weekly R1 at 1.1926.
However, if the predetermined resistance level holds, it is likely that a reversal south could occur. Note that the nearest support, formed by the weekly and monthly S1s, is located near 1.1760.
Hourly Chart
On the daily candle chart, the rate has returned to the borders of the channel up pattern. Moreover, it appears that on Thursday and Friday the pair resumed to respect the support of the previously pierced pattern.
In the meantime, the rate was still considered overbought on the daily candle chart, as daily simple moving averages were located far below the pair.
Daily chart
Read More: Technical Analysis
Traders keep short positions
Since Friday, on the Swiss Foreign Exchange 55% 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 bullish, as 56% of orders were to buy.