Future forecasts were based upon whether or not the SMAs manage to provide technical support and push the rate up.
Economic Calendar Analysis
In regards to the EUR/USD during this week, there are a couple of scheduled macroeconomic data releases that could impact the currency exchange rate.
First of all, note the US Retail Sales on Tuesday at 12:30 GMT. This event has caused reactions from 7.6 to 29.2 pips.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below ten pips. There were exceptions in May and June, when the EUR/USD moved respectively 11.2 and 22.2 pips.
Take a look at all of the historical reaction tables by clicking on the link below.
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair raised to the 1.1320 level. During today's morning, the pair consolidated at 1.1340.It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs in the 1.1300 area and trade upwards in the short term. In this case the rate could target the 1.1420 level.
Meanwhile, note that the currency pair could face the resistance level formed by the weekly R1 and the monthly R2 at 1.1385. If the given level holds, it is likely that the pair could consolidate.
Hourly Chart
On the daily candle chart, since June 5, the rate has been consolidating by trading sideways between monthly simple pivot points.
Daily chart
Read More: Technical Analysis
Traders stick to short positions
Since Monday, on the Swiss Foreign Exchange 73% 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 almost neutral, as 52% of orders were to sell and 48% of orders were set to buy.