Basically, the situation had not changed since Monday, as the rate remained in the same range between the support of 1.1785 and the resistance of 1.1840.
Economic Calendar Analysis
As the last week of the month, the following week is expected to be a quiet one. However, there are events that should be watched in the case a sharp move occurs.
On Wednesday, at 12:30 GMT traders should watch the release of the US Durable Goods Orders data. The event is capable of causing volatility increases above average level.
On Thursday, the US Preliminary GDP and the US Unemployment claims are set to be published. Due to these events usually not being released at the same time, the past reactions need to be combined. Namely, in the case of the same direction surprise the volatility pips need to be added one to another. On the other hand, different results shown by each data set could cancel one another out.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
The rate is being supported by the 1.1785 level, which caused the Monday and Tuesday surges that tested the resistance of the technical levels near 1.1840.In theory, the pair should decline, as soon as the hourly simple moving averages push it through the support of the 1.1785 level. Namely, the 100 and 200-hour SMAs could push the pair down.
On the other hand, the SMAs might fail and the rate would break out to the upside. In this case, the rate would aim at the 1.1900 level.
Hourly Chart
On the daily candle chart, the pair remains in a larger channel up pattern, which has guided the pair since the middle of April.
Take into account that a 23.60% Fibonacci retracement level could provide resistance at the 1.2031 level.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
On Monday, on the Swiss Foreign Exchange 74% of all EUR/USD open position volume was in short positions.
On Tuesday morning, the sentiment was 71% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were set to sell in 51% of all cases.
Previously, the orders were 57% to sell.