In regards to the near term future, the pair was expected to test the support of the 1.1700 level.
Economic Calendar Analysis
Wednesday is a major day for other data releases. Throughout the whole day the Markit Institute is set to publish Manufacturing and Services Purchasing Managers Indices. The indices are the result of a major survey of firm representatives.
Expect PMIs from France, Germany, the Eurozone first from 7:15 to 08:00 GMT.
The French PMI could cause a move of 10.0 to 30.5 pips. The German data has been causing moves from 11.3 to 17.4 pips, and the Euro Zone PMIs cause moves from 9.6 to 14.9 base points.
On the same day, at 13:45 the US PMIs will be released. A move on the EUR/USD from 8.8 to 21.1 pips has occurred on the release in the last half year. The largest moves were spotted in the previous three months.
On Thursday, as accustomed, at 12:30 GMT, the US weekly Unemployment Claims could cause a move. The range for this release is wide. Namely, 6.3 to 48.9 pips.
The week will end with a possible minor move from the US Durable Goods Orders at 12:30 GMT. EUR/USD could move 11.1 to 18.3 pips.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Monday morning, the EUR/USD pierced the support of the channel down pattern. The move was possible, as the most recent decline was a fundamental adjustment, which usually crash patterns.In regards to the near term future, the pair was expected to reach for the combined support of the 1.1700 round exchange rate level and the 61.80% Fibonacci retracement level at 1.1707.
In the case of these support levels holding, the rate could retrace back up to the 1.1750 level or trade sideways. On the other hand, if the support levels fail, the EUR/USD could reach for the weekly S2 simple pivot point at 1.1664.
Hourly Chart
On the daily candle chart, on Tuesday the rate was finding support in the 55-day simple moving averages at the 1.1730 level.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since Monday, on the Swiss Foreign Exchange 52% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 60% of orders were to buy.
The orders were 61% to buy on Monday.