It is likely that the pair could gain support from the Fibo 38.20% at 1.1200 and consolidate in the short term.
Economic Calendar Analysis
In regards to the EUR/USD during the week, there are a couple of scheduled macroeconomic data releases that could impact the currency exchange rate.
Today, macroeconomic data set release from the US could impact the market. The US Durable Goods Orders, Final GDP and Unemployment Claims data are set to be published at 12:30 GMT.
Take a look at all of the historical reaction tables by clicking on the link below.
EUR/USD hourly chart's review
On Tuesday, the EUR/USD currency pair breached the medium-term falling wedge pattern north. However, the pair failed to exceed the 1.1340 level and reversed south.It is likely that the exchange rate could be pushed down by the 100– and 200-hour moving averages near 1.1250. Note that the rate could gain support from the Fibo 38.20% at 1.1200.
If the given support holds, it is likely that the Euro could consolidate against the US Dollar in the short run. Otherwise, it is likely that the pair could target the 1.1160/1.1180 area.
Hourly Chart
On the daily candle chart, the EUR/USD currency pair has the additional support of a 61.80% Fibonacci retracement level at 1.1184.
In the meantime, the support of the daily simple moving averages was located near the 1.1000 level.
Daily chart
Read More: Technical Analysis
Short sentiment declines
On Monday, on the Swiss Foreign Exchange 70% of all EUR/USD open position volume was in short positions.
On Thursday, the sentiment was 67% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 60% of orders were to buy and 40% of orders were set to sell.