During Tuesday, the EUR/USD currency pair was trading near the psychological level at 1.1160.
Given that the pair supported by the 100-hour moving average, it is likely that some upside potential could prevail.
Economic Calendar Analysis
This week there are couple events that could affect the EUR/USD pair.
On Thursday, October 24, the French Flash Services PMI survey results will be published at 7:15 GMT. Also, the German Flash Services and Manufacturing PMIs survey results will be published at 7:30 GMT.
At the same day, the ECB Monetary Policy Statement, as well the Main Refinancing Rate data releases will be published at 11:45 GMT.
Moreover, the US Durable Goods Orders data will be released at 12:30 GMT.
Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair consolidated near the psychological level at 1.1160. During today's morning, the pair breached the 55-hour SMA at 1.1150.On the one hand, the exchange rate could trade downwards within the following trading session. In this case the rate could gain support of the 100-hour SMA, as well the weekly PP at 1.1112. It is unlikely that the rate could drop lower than the 200-hour SMA at 1.1073.
On the other hand, some upside potential could prevail in the market in the short term. The currency pair could exceed the given psychological level and target the resistance level formed by the monthly R2 at 1.1190.
Hourly Chart
On the daily candle chart, the pair has reached the resistance of the 100-day simple moving average. The SMA is both providing resistance and signalling that the EUR/USD is no longer oversold on the larger scale.
Daily chart
Read More: Technical Analysis
Traders sell the EUR/USD
Since Monday, 74% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were bearish, as 66% of orders in the 100-pip range were set to sell and 34% were to buy.