EUR/USD: the euro wants to climb, but a keep obstacle remains in place during this busy week

The beginning of the week is proving to be lively for the pair, as it started the day by dropping to a low of 1.0839, before climbing to a high of 1.0900 for the time being.

No news justifies these shifts, and today's forex economic calendar is free of any potential catalysts.

The rest of the week, however, will see several key publications, including tomorrow's ZEW German Economic Sentiment Index and US Existing Home Sales.

A busy economic calendar for the pair this week

The ZEW index is expected to rise to -39 points after -50.4 previously, while last month's US existing home sales are expected to fall by 8%, after +5.9% in March.

Wednesday will be quiet, like today, but Thursday will be the most important day of the week, with Europe's preliminary PMI indexes for April expected to fall sharply, after already dropping sharply last month.

The same indexes will be expected a little later in the US, with a manufacturing PMI forecast at 38 vs. 47.9 previously, and a services PMI at 29.9 vs. 40.0 previously.

New Home Sales are also expected on Thursday, and are expected to plunge 16% after already posting -5% last month.

Finally, Friday will be marked by the German IFO Business Climate Index, the US Durable Goods Orders, and the US Consumer Confidence Index calculated by the University of Michigan.

The IFO is expected to reach 79 points, after 85.9 previously. Durable goods orders are expected to show a plunge of 10.9%, after +0.9% previously. The University of Michigan's consumer confidence index is expected to drop to 69, down from 90.1 previously.

What does the chart analysis say for today?

The pair posted a rapid rally today, but a key resistance zone may now be blocking its path.

The 100-hour moving average at 1.0900, the psychological threshold of 1.09 and the 200-hour moving average at 1.0899 are indeed a major obstacle.

In the case of a resumption of the downtrend, 1.0850, 1.0815 and 1.08 will be the first potential downtrend targets.

On the upside, a break above 1.0898-1.0903 could put 1.0949 and then 1.10 on the horizon.

Currently, the eurodollar pair is trading around 1.0854 on the forex.

Hourly Euro-Dollar chart