Moreover, on Tuesday morning, it appeared that the rate was beginning a decline, which could reach 1.1750.
Economic Calendar Analysis
On Wednesday, note that some calendars show the FOMC Meeting Minutes at 18:00 GMT. This is a publication of the minutes without a rate statement. In the past, this event has not caused sharp moves, as the Meeting Minute impact comes on gradually while the markets read and analyse.
On Thursday, as always the US Unemployment Claims at 12:30 GMT might cause a minor move.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
At 08:30 GMT on Tuesday, the rate was declining and had no support as low as the two hourly simple moving averages at 1.1750. If the rate would reach the 55 and 100-hour simple moving averages neat 1.1750, it could either bounce off the support or pass it.In the case of the SMAs being passed, the rate would look for support in the lower trend line of the channel near the 1.1730 level.
On the other hand, if the SMAs provide enough technical support, the rate would retrace back up to the upper trend line of the pattern near the 1.1800 level.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of a larger channel up pattern. This was possible, as the 55-day SMA moved out of the pattern's borders.
In the meantime, take into account that the resistance of the 55-day SMA continued to hold near the 1.1780 mark.
Daily chart
Read More: Technical Analysis
Traders are short
On Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 55% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to sell the pair.
Previously, the orders were 73% to sell.