In regards to the near term future, the rate was expected to test the resistance of the weekly R2 simple pivot point at 1.1936.
Economic Calendar Analysis
At 12:30 GMT the usual US weekly Unemployment Claims are set to grab the attention of the financial media despite the event not moving the markets. At the same time, the US Preliminary GDP is set to be published. This event also, despite being on the headlines, has not caused notable market moves.
At 19:00 GMT, the US FOMC Meeting Minutes are scheduled to be published. Do not expect an immediate reaction of the markets, as the Meeting Minutes is not a statistics number, but a document that contains clues on the future of the US monetary policy.
Its impact is gradual, as various market participants make their trades based upon how they interpret the information in the document. Quite often, the same text or even word is interpreted differently by various market participants. What matters is whether bullish or bearish views dominate after the publication.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
On Wednesday morning, the EUR/USD currency exchange rate was expected to reach the resistance of the weekly R2 simple pivot point at 1.1936.In the case of the rate passing this technical resistance level, the pair would first test the resistance of the round exchange rate level at 1.1950 and afterwards the weekly R2 simple pivot point at 1.1977.
On the other hand, if the weekly R2 holds, the pair would retrace to the 1.1900 level. Note that the weekly R1 was providing support at 1.1898. In addition, on Wednesday morning, the rate confirmed the 1.1890 level as support.
Hourly Chart
On the daily candle chart, the EUR/USD is trading in a large scale channel down pattern, which is almost horizontal. The pattern has been guiding the rate since the end of July.
Meanwhile, the 1.1920 level could provide resistance, as this level reversed the pair's surges in September and early November. However, this level was pierced during Wednesday's morning hours.
Daily chart
Read More: Technical Analysis
Traders remain short
On Wednesday, on the Swiss Foreign Exchange trader open positions were bearish, as 58% of open position volume was in short positions.
On Tuesday, the sentiment changed, as 57% of volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 68% to buy the pair.