The EUR/USD scored a new high level on Tuesday. Although it occurred after retreating down to dominant support level at 1.1345.
In general, previous targets remain active, as the pair's closest technical resistance was located at 1.1380.
The European Single Currency appreciated against the US Dollar, following the US Durable Goods Orders data release on Thursday at 13:30 GMT. The EUR/USD exchange currency rate gained 15 pips or 0.13% during a minute, right after the release. The European Single Currency continued trading at the 1.1350 area against the US Dollar.
The Census Bureau released US Core Durable Goods Orders data that came out lower than expected of 0.1 compared with forecasted 0.3%. Note, the US Durable Goods Orders data came out together with the US Core Durable Goods Orders.
Quiet last week of the month
As it is accustomed, the last week of the month is set to be quiet for fundamental macroeconomic data releases.
The macro week will start on Wednesday. At 13:30 GMT the Canadian CPI data will be published.
On Thursday the US Advance GDP will be released at 13:30 GMT. This event can cause moves of around 20 base points.
On Friday, the Canadian GDP data will be out at 13:30 GMT. It is most likely set to be the event which will cause the biggest move during this week.
For more information watch the weekly calendar analysis stream on our YouTube channel.
EUR/USD hourly chart's review
On Tuesday the EUR/USD had remained in the previous trading session's range between 1.1365 and 1.1345. It had retreated to once more confirm the support of a dominant ascending pattern.The forecast for a surge up to the 1.1380 mark remains in force. In general, that level could be reached, if the 55 and 100-hour SMAs push the pair higher.
However, the currency pair is too volatile for the mentioned simple moving averages to steadily push it higher. Moreover, the Brexit talks continue to cause moves on the EUR as often as the GBP.
Hourly Chart
On the daily chart additional information can be seen. Namely, the 55 and 100-day simple moving averages were located near the 1.1400 level. They were strengthening the R1 weekly pivot point.
It is most likely that this level will provide strong resistance to the surge of the EUR/USD.
Meanwhile, on a larger scale the recent surge is seen as a consolidation of a decline. The consolidation is occurring by retracing back upwards.
Daily chart
The pair became oversold on Tuesday. Namely, of the total open position volume on the Swiss Foreign Exchange 70% of volume was shorting the EUR/USD.
In the meantime, no additional selling was expected anymore. By the middle of Tuesday's trading only 52% of trader set up pending orders in the 100-pip range were set to sell.