If the rate would manage to pass resistance levels at 1.0950, it could reach for the weekly R3 at the 1.1008 mark.
Economic Calendar Analysis
During the week, Markit is going to publish the US Flash Manufacturing PMI survey results on Thursday, May 21, at 13:45 GMT.
Additionally, the German Flash Manufacturing and Services PMIs survey results are set to be issued on Friday, May 22, at 7:30 GMT.
EUR/USD hourly chart's review
During today's morning, the pair faced the resistance level—the weekly R2 at 1.0952.If the given resistance level holds, it is likely that a reversal south could occur in the nearest future. In this case the exchange rate could gain support from the weekly R1, the monthly PP and the Fibo 23.60% in the 1.0886/1.0908 area.
Otherwise, it is likely that the Euro could continue to appreciate against the US Dollar in the nearest future. Note that the nearest resistance level—the weekly R3, is located at 1.1008.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of the 55-day simple moving average, which on Tuesday was located near 1.0940.
Next up the pair would face the resistance of the 100-day and 200-day SMAs. The 100-day SMA was located at the 1.0975 mark, and the 200-day SMA at 1.1020.
Daily chart
Read More: Technical Analysis
Traders are short on EUR/USD
On Tuesday, on the Swiss Foreign Exchange 55% of all EUR/USD open position volume was in short positions.
Traders appeared to be expecting a retracement back down.