During Monday, the EUR/USD currency pair has been consolidating at the psychological level at 1.1160.
Given that the pair supported by the 55-hour moving average, it is likely that some upside potential could prevail.
Economic Calendar Analysis
This week there are couple events that could affect the EUR/USD pair.
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
On Friday, the EUR/USD currency pair went upside to the psychological level at 1.1160. During today's morning, the pair was trading at the given level.The exchange rate could gain support of the 55-hour moving average, currently located at 1.1137, and continue to extend gains. In this case, the rate would have to surpass the resistance level formed by the monthly R2 and the Fibonacci 38.20% retracement at 1.1200.
On the other hand, the Euro could maintain its consolidation against the US Dollar at the given psychological level in the short term. It is unlikely that bears could prevail, and the rate could decline lower than the weekly PP at 1.1112.
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 signalling that the EUR/USD is no longer oversold on the larger scale.
Daily chart
Read More: Technical Analysis
Traders sell the EUR/USD
On Monday, 74% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
Meanwhile, pending trade orders were strongly bearish, as 75% of orders in the 100-pip range were set to sell and 25% were to buy.