Economic Calendar Analysis
During the week there are no scheduled major events, which might impact the currency rate.
EUR/USD hourly chart
A move below the 1.0700 mark could look for support in the 1.0650 level and the weekly S2 simple pivot point, before approaching the 1.0600 and 1.0550 levels.On the other hand, a recovery of the Euro against the US Dollar would have to pass the combined resistance of the 50-hour simple moving average and the 1.0750 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the channel down pattern, which guided it up since October. In addition, the pair has reached below the support zone near 1.0700 and the 50-day simple moving average. However, for a broader decline to occur, the EUR/USD has to clearly break off the 1.0700 mark.Daily chart
Read More: Technical Analysis
Traders take profits
After the fundamental events, trader open positions were bearish, as 63% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 64% to buy the Euro against the USD.
On Tuesday, open positions were only 53% short and pending orders were 54% to buy.