On Tuesday morning, the EUR/USD was piercing the resistance of the 1.1080 level. Previously, on Monday, the rate failed to pass this level.
If this level fails to hold the rate down, the pair would reach for the psychological resistance of the 1.1100 mark.Economic Calendar Analysis
This week there are a couple of events that could impact the EUR/USD rate.
On Wednesday, at 13:30 GMT the US CPI and Core CPI are scheduled to be published. Since July this event has caused moves from 7.1 to 26.9 pips. The lowest reactions were in October and November.
On the same day, the US Federal Reserve would announce its interest rate at 19:00 GMT. The event has created moves from 15.6 to 57.8 pips.
On Thursday, the European Central Bank is set to make its rate announcement at 12:45 GMT. The EUR/USD has moved from 5.9 to 57.6 on the announcement.
The week is set to end with the US Retail Sales data sets on Friday at 13:30 GMT. A move from 5.3 to 22.2 pips can be expected.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 09.12-13.12 Event Historical Reactions
EUR/USD hourly chart's review
On Tuesday, the EUR/USD was piercing the resistance of the 100-hour simple moving average at the 1.1080 level.If the pair manages to pass this resistance, next up the 1.1100 level should be reached. The 1.1100 would then provide psychological resistance. If the 1.1100 fails to keep the rate down, the weekly R1 simple pivot point at 1.1118 should be reached.
Meanwhile, take into account that last week the 1.1110 kept the rate down. It made two attempts to surge above this level and failed at it.
Hourly Chart
On the daily candle chart, the rate trades above the support of the 55 and 100-day simple moving averages, which are located at 1.1067 and 1.1046. These SMAs are expected to push the rate up to the resistance of the 200-day SMA near 1.1150.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
Since Monday, on the Swiss Foreign Exchange 69% of open EUR/USD position volume has been in short positions.
Meanwhile, pending trade orders were neutral, as 52% of orders in the 100-pip range were to sell and 48% were to buy.
The orders were 50/50 balanced on Monday.