On Monday, the currency rate was looking for support in the 1.1160/1.1175 zone. In the meantime, the rate was being approached by the 50 and 100-hour simple moving averages near 1.1150.
Economic Calendar Analysis
This week, the markets might move due to various publications. On Tuesday, at 14:00 GMT, the US Dollar could adjust to the publication of the US CB Consumer Confidence survey results.
On Thursday, the US Preliminary GDP data publication might move the markets. The market consensus is that the US GDP has increased by 2.8% in the last quarter.
On Friday, markets will adjust to the publication of the US Core Price Index publication at 12:30 GMT.
Beforehand, the release of the European common CPI Flash Estimate at 09:00 GMT might impact the value of the Euro.
EUR/USD hourly chart analysis
An extension of the Monday's decline, is expected to look for support in the 50 and 100-hour simple moving averages and the weekly simple pivot point at 1.1138. Below these levels, note the lower trend line of a channel up pattern. If the pattern is broken, the rate could look for support in the 1.1100 mark.On the other hand, a resumption of the prior Euro surge against the USD might face the 1.1200 mark, before the pair approaches the upper trend line of the channel pattern and the weekly R1 simple pivot point at 1.1254.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the upper trend line of the channel up pattern and reached the resistance of the major resistance zone at 1.1130/1.1200.A move through this major resistance zone could stop at the next high level range at 1.1235/1.1280.
On the other hand, a bounce off the resistance range could look for support in round exchange rate levels at 1.1100, 1.1050, 1.1000 and 1.0950. All of these levels have acted as support and resistance.
Daily chart
Read More: Technical Analysis
Traders are shorting
On Monday, Dukascopy traders were shorting the pair, as 75% of all open position volume was in short positions.
Meanwhile, pending trader set up orders were neutral. Namely, in the 100-point range around the pair, 51% of orders were to sell.
On Wednesday, the open positions were 74% short and pending orders were 55% to sell.