On Friday morning, the EUR/USD currency pair re-tested the monthly S1 at 1.0840.
It is unlikely that some upside potential could prevail in the market due to the resistance provided by the 55-hour SMA.
Economic Calendar Analysis
This week, there are no events left that could impact the EUR/USD pair.
Next week, there will be couple of events that could impact the EUR/USD pair.
On Tuesday, March 24, the German Flash Manufacturing and Services PMIs survey results are set to be released at 8:30 GMT.
On Wednesday, March 25, US Durable Goods Orders data will be released at 12:30 GMT.
The week will end with the US Final GDP data release on Thursday at 12:30 GMT.
Meanwhile, next week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
EUR/USD hourly chart's review
On Thursday, the EUR/USD currency pair declined to the monthly S2 at 1.0650. During today's morning, the pair reversed north.Note that the exchange rate is pressured by the 55-hour SMA near 1.0850. Thus, some downside potential could prevail in the market. In this case the rate decline to the support level formed by the weekly S3 and the monthly S3 at 1.0500.
However, if the monthly S2 holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Also, it is unlikely that bulls could prevail, and the pair could exceed the monthly PP at 1.0968.
Hourly Chart
On the daily candle chart, it can be observed that the pair dropped to the support level - the monthly S2, is located at 1.0650.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.