During Thursday morning, the EUR/USD currency pair jumped to the weekly R2 at 1.1137.
The pair could gain support of the 55- and 100-hour moving averages to breach the given resistance and extend gains.
Economic Calendar Analysis
This week there are no events left that could affect the EUR/USD pair.
Take into account that next week there will be couple events, which are expected to cause larger reactions on the currency exchange rate.
On Thursday, October 24, the French Flash Services PMI survey results will be published at 7:15 GMT. Also, the German Flash Services and Manufacturing PMIs survey results will be published at 7:30 GMT.
At the same day, the ECB Monetary Policy Statement, as well the Main Refinancing Rate data releases will be published at 11:45 GMT.
Moreover, the US Durable Goods Orders data will be released at 12:30 GMT.
Take a look at the published historical data tables by clicking on the link below.
Read More: 14.10-18.10 Event Historical Reactions
EUR/USD hourly chart's review
Yesterday, the EUR/USD currency pair tried to breach the medium-term ascending channel north. During Thursday morning, the pair broke the upper channel line.Note that the exchange rate has reached the resistance level formed by the weekly R2 at 1.1137. If the given level holds, it is likely that the rate could reverse south in the nearest future. In this case the rate could gain support from the weekly R1 at 1.1088.
Otherwise, it is likely that the Euro could extend gains the US Dollar within the following trading session. A possible upside target is the 1.1160/1.1180 range. Also, note that Philly Fed Manufacturing Index release at 12:30 GMT might affect the pair.
Hourly Chart
On the daily candle chart, the pair has reached the resistance of the 100-day simple moving average. The SMA is both providing resistance and signaling that the EUR/USD is no longer oversold on the larger scale.
Daily chart
Read More: Technical Analysis
Traders sell the EUR/USD
On Thursday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were strongly bearish, as 78% of orders in the 100-pip range were set to sell and 22% were to buy.