The EUR/USD exchange rate has continued to decline. By the middle of Wednesday's trading, the pair had reached below the 1.1130 and continued to decline.
In the meantime, take into account that the pair did make a retracement back up during late Tuesday's GMT hours.Economic Calendar Analysis
On Wednesday, the ADP Non-Farm Employment Change is scheduled to be released at 13:15 GMT. Dukascopy analytics dropped the cover of the ADP due to it not causing increases of volatility.However, the last release caused a move on the EUR/USD above ten pips. It is the criteria whether to take or not take into account a data release.
The week will end with the three US employment data sets being published at 13:30 GMT. Since August 2019, the EUR/USD has moved from 14.5 to 41.4 pips on the release.
The week's scheduled event historical data tables have been published. Click on the link below to read the article.
Read More: 06.01-10.01 Event Historical Reactions
EUR/USD hourly chart's review
By the middle of Wednesday's London trading hours, the EUR/USD decline was heading to the support of the weekly S1 simple pivot point at 1.1112.If the rate would find support in this level, it would consolidate the decline by retracing back up or trading sideways. On the other hand, in the case of the S1 failing, the rate would have no technical support levels as low as the pivot points near 1.1065.
Hourly Chart
On the daily candle chart, the rate has been piercing the technical support of the 200-day simple moving average near the 1.1140 level.
If this level would be clearly passed, the currency exchange rate could reach for the 55-day simple moving average near 1.1100.
Daily chart
Read More: Technical Analysis
Short sentiment decreases
On Wednesday, 69% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
On Tuesday, the sentiment decreased to 72%.
Meanwhile, most of set up pending orders were set to sell, as 73% of orders in the 100-pip range were to sell and 27% were to buy.
Previously, 76% of orders were to sell.