In the near term future, the rate was expected to consolidate until the hourly simple moving averages catch up and push the pair down.
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 Wednesday morning, the rate traded above the 1.1680 level, which stopped a pair's decline.In the near term future, the rate was expected to trade sideways between the 1.1680 and 1.1700 levels until the rate is approached by hourly simple moving averages. Namely, the 55-hour SMA was heading down from the 1.1750 level.
In the case of a decline, the rate would aim at the support of the weekly S2 simple pivot point at 1.1664. If this level fails to keep the rate up, the EUR/USD would have no support as low as 1.1600.
Hourly Chart
On the daily candle chart, the rate has passed the support of the 55-day simple moving average, which was left at the 1.1740 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.
On Wednesday, the sentiment was balanced. 50% of volume was long and short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 62% of orders were to buy.