In addition, the technical resistance of the 50, 100 and 200-hour simple moving averages and the weekly S1 simple pivot point were passed. By the middle of Wednesday's European trading hours, the currency exchange rate had no technical resistance as high as the weekly simple pivot point at 1.1345.
Economic Calendar Analysis
The most notable event of the week will be the US and Canadian monthly employment data release on Friday at 13:30 GMT.
However, some might argue that the FOMC Meeting Minutes release on Wednesday at 19:00 GMT might cause a larger move. However, historical data of immediate reactions shows that it is not the case.
On Thursday, the official US Unemployment Claims at 13:30 GMT could create USD volatility. Later on, on the same day, the US ISM Non-Manufacturing Purchasing Managers Index is set to be published at 15:00 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
A surge above the simple weekly pivot point at 1.1345 might test the resistance of the 1.1360 level and the zone below it. Higher above, take into account the December high levels at 1.1381/1.1386.On the other hand, a potential decline could find support in the 100 and 200-hour simple moving averages near 1.1320. Afterwards, the weekly S1 might stop a decline near 1.1304. In addition, the 1.1300 mark and the 50-hour simple moving average might act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has been going nowhere during the whole of December, as the rate appears to be bouncing around the 1.1300 mark.Meanwhile, note the approaching 50-day simple moving average. The SMA might provide resistance and cause another test of the support of the 1.1200 mark and the 38.20% Fibonacci retracement level.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to buy the Euro against the USD.
On Wednesday, the sentiment was 62% long and pending orders were 53% to sell.