The EUR/USD started the week by trading below the 1.1030 level.
On Tuesday, the rate was set to test the resistance of the 55-hour simple moving average. Future scenarios were based upon what would happen at this level.Economic Calendar Analysis
The EUR/USD could be slightly impacted by the US publications on Wednesday.
At 13:30 GMT, the US Durable Goods Orders, Core Durable Goods Orders and Preliminary GDP are scheduled to be released.
In the meantime, the week reaction tables have been published. Take a look at the 25.11-29.11 Event Historical Reactions publication.
Read More: 25.11-29.11 Event Historical Reactions
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair tried to surpass the psychological level at 1.1010. During today's morning, the pair was trading near the given level.Note that the exchange rate is pressured by the 55-hour moving average, currently located at 1.1025. Thus, it is likely that some downside potential could prevail in the market, and the rate could target the weekly S1 at 1.0994.
However, if the given psychological level holds, it is likely that the Euro could continue to consolidate against the US Dollar. Also, it is unlikely that bulls could prevail in the market, and the rate could exceed the resistance formed by the 100– and 200-hour SMAs, as well the weekly PP at 1.1045.
Hourly Chart
On the daily candle chart, the rate has fallen below the support of the 55-day SMA and the lower trend line of an ascending channel pattern.
Namely, the rate now has only resistance on the daily candle chart.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
On Tuesday, on the Swiss Foreign Exchange 67% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were bullish, as 68% of orders in the 100-pip range were to buy and 32% were to sell.