During Monday morning, the EUR/USD currency pair was testing the resistance provided by the 100-hour SMA at 1.1126.
If the given resistance holds, it is likely that a reversal south could occur in the nearest future. US ISM Non-Manufacturing PMI
The European Common Currency traded sideways against the US Dollar, following the US ISM Non-Manufacturing PMI survey results release on Tuesday at 15:00 GMT. The EUR/USD exchange currency rate lost 7 pips or 0.06% right after the release. The Euro continued trading at the 1.1148 level against the Greenback.
The Institute for Supply Management (ISM) released the US ISM Non-Manufacturing survey results data, which came out better-than-expected of 55.0 compared with the forecast of 54.5.
The Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee Anthony Nieves commented: "According to the NMI, 11 non-manufacturing industries reported growth. The non-manufacturing sector had an uptick in growth in December. The respondents are positive about the potential resolution on tariffs. Capacity constraints have eased a bit; however, respondents continue to have difficulty with labor resources."
Economic Calendar Analysis
On Tuesday, the US Consumer Price Indices might cause a minor move on the US Dollar pairs.EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair reversed north from the lower boundary of the medium-term ascending channel at 1.1090. During today's morning, the pair was testing the resistance provided by the 100-hour SMA at 1.1126.Hourly Chart
On Monday, 64% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were bearish, as 76% of orders in the 100-pip range were to sell and 24% were to buy.