The EUR/USD has continued to surge. On Friday, the currency exchange rate touched the 1.1500 level.
On Monday, the rate traded sideways between the 1.1370 and 1.1470 level. The pair appeared to be consolidating in the aftermath of the recent sharp surge.
Economic Calendar Analysis
During the week there will be couple events that could impact the EUR/USD pair.
On Wednesday, March 11, the US CPI and Core CPI will be published at 12:30 GMT. The event has caused minor moves from 6.8 to 11.00 pips.
On Thursday, March 12, the European Central Bank will make its rate announcement, as the Main Refinancing Rate and the Monetary Policy Statement will be published at 12:45.
However, since October 2019, the market has not reacted to this event. The EUR/USD moved from 3.0 to 5.9 pips.
Meanwhile, the week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
Read More: 09.03-13.03 Event Historical Reactions
EUR/USD hourly chart's review
At the end of last week, the EUR/USD currency pair raised to the 1.1350 level. During Monday morning, the pair was testing the resistance range formed by the weekly R1, the monthly R3 and the Fibo 50.00% in the 1.1416/1.1475 zone.If the given resistance holds, it is likely that a reversal south could occur. In this case it is unlikely that the exchange rate could decline below the monthly R2 at 1.1285.
Otherwise, it is possible that some upside potential could prevail in the market. In this case the currency pair would have to surpass the weekly R2 located at the 1.1544 mark.
Hourly Chart
On the daily candle chart, the pair trades above the upper trend line of the channel down pattern, which guided the rate since May 2018.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Friday, the 72% of open EUR/USD position volume on the Swiss Foreign Exchange has been in short positions.