In the meantime, the rate was being approached by the 55-hour simple moving average. The SMA was expected to provide resistance and push the rate down.
Economic Calendar Analysis
This week, on Tuesday, minor spike in volatility could occur due to the US Durable Goods Orders Release at 13:30 GMT. This event has caused moves on the EUR/USD charts from 5.1 to 15.1 pips since July 2019.
On Wednesday, the US Federal Funds Rate is scheduled to be published at 19:00 GMT. The event has caused EUR/USD moves from 14.8 to 53.6 pips.
Note that the largest moves occurred during rate cuts. This time, no rate cut is expected. Due to that reason a move of around 15 pips is more likely..
On Thursday, the US Advance GDP publication at 13:30 GMT is set to occur. The event has caused moves from 11.7 to 35.3 pips since October 2018.
Next week's event historical data tables have been published. Click on the link below to read the article.
Read More: 27.01-31.01 Event Historical Reactions
EUR/USD hourly chart's review
Note that the exchange rate is pressured by the 55-hour moving average, currently located at 1.1028. Thus, it is likely that some downside potential could prevail in the market.Meanwhile, it is unlikely that a breakout south could occur in the nearest future, as the currency pair could gain support of the weekly S1 at 1.0992. Also, it is unlikely that bulls could prevail, and the pair could exceed the weekly PP at 1.1055.
Hourly Chart
As described on Thursday, the rate has broken out of the squeeze between the 55 and 100-day simple moving averages. The rate has broken out downwards.
In the near term future, the rate is set to reach for the support of the 1.1000 level, which stopped the pair from declining in November.
Daily chart
Read More: Technical Analysis
Traders are short on EUR/USD
On Tuesday, 55% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, set up pending orders were neutral, as 53% of orders in the 100-pip range were to buy and 47% were to sell.