During Monday morning, the EUR/USD currency pair was trading in the 1.1080 area.
Given that the pair is pressured by the 55- and 100-hour moving averages, it is likely that some downside potential could prevail in the market.Economic Calendar Analysis
This week, there is one scheduled event left, which could cause an increase of volatility in the EUR/USD.
Today, the US Durable Goods Orders at 13:30 GMT could cause a move of fifteen pips.
Meanwhile, this week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 23.12-27.12 Event Historical Reactions
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair dropped to the 1.1070 level. During Monday morning, the pair was reversed north from the given level.It is unlikely that the exchange rate could exceed the 1.1104/1.1126 area due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP.
On the one hand, the Euro could consolidate against the US Dollar around the given level in the nearest future. On the other hand, the rate could trade downwards in the short run. In this case, the pair could gain support of the monthly PP at 1.1059.
Hourly Chart
On the daily candle chart, the rate failed to pass the resistance of the 200-day simple moving average, which was located near 1.1150.
In the meantime, take into account that the support of the 55 and 100-day simple moving averages near 1.1065 could stop the rates decline to the monthly pivot point.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, 69% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were strongly bullish, as 86% of orders in the 100-pip range were to buy and 14% were to sell.