It is likely that the pair could gain support from the 55- and 100-hour SMAs, as well the weekly PP and extend gains in the short run.
Economic Calendar Analysis
The first week of August is going to be relatively busy on the economic calendar.
On Wednesday, the US ADP Non-Farm Employment Change data is set to be issued at 12:15 GMT. Additionally, the US ISM Non-Manufacturing PMI survey results are set to be published at 14:00 GMT.
On Thursday, the US Unemployment Claims data is going to be published at 12:30 GMT.
On Friday, the Canadian and US Employment data set releases could be in the spotlight. The releases are scheduled to 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Tuesday, the EUR/USD currency pair reversed north from the 200-hour moving average near 1.1730. During today's morning, the pair exceeded the 1.1820 level.It is likely that the exchange rate could gain support from the 55– and 100-hour moving averages in the 1.1770 area and extend gains in the nearest future. In this case the rate could re-test the 2020 high at 1.1903.
Meanwhile, it is unlikely that bears could prevail in the market, and the currency pair could decline below the Fibo 61.80% at 1.1707 within the following trading session.
Hourly Chart
On the daily candle chart, the pair was trading near the upper boundary of the ascending trend. Note that the pair could gain support from the Fibo 38.20% at 1.1707.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as the closest by 55-day SMA is located near 1.1350.
Daily chart
Read More: Technical Analysis
Traders remain short
On Wednesday, on the Swiss Foreign Exchange 66% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were set to buy in 59% of all cases.