Economic Calendar Analysis
On Wednesday, at 18:00 GMT, the Federal Open Market Committee is set to publish its Meeting Minutes. Note that it will be just the meeting minutes for the previous meeting. There is no rate announcement or statement being published. Namely, the meeting minutes will have more detailed information about the previous decision of the Federal Reserve.
On Thursday, the US Unemployment Claims at 12:30 GMT could cause a minor move on USD pair and commodity price charts.
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
All things being equal, the exchange rate could continue to edge lower in a descending channel pattern during the following trading session. The potential target sellers will be near the 1.1780 area.However, the weekly support level at 1.1801 could provide support for the EUR/USD currency exchange rate in the shorter term.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has pierced the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached.However, a potential recovery would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Tuesday, on the Swiss Foreign Exchange traders open positions were long, as 56% of open position volume was in long positions.
On Wednesday, the open position volume was 59% long.
On July 7, trader set up pending orders in the 100-pip range around the pair were 63.40% to buy the pair and 36.60% sell the pair.