On Friday, the rate had bounced off this level and declined to the 1.1850 mark.
Economic Calendar Analysis
Next week, the top of the tops day will be Monday. On that day, Markit PMIs are scheduled to be released, which could cause notable moves on the Euro charts.
At 08:15 GMT, the French Manufacturing and Services PMIs are set to be published. The French survey results have caused moves from 9.7 to 30.5 pips on EUR/USD since June.
At 08:30 GMT, German PMIs will be out. The German data has caused moves from 12.0 to 17.5 pips on the announcement.
The Markit European releases are set to end at 09:00 GMT with the combined European PMIs. These results have causes 8.7 to 13.0 moves.
On the same day, at 14:45 GMT the US Manufacturing and Services PMIs are set to be published. The rate has moved from 7.8 to 21.2 pips on the announcement since June.
Another day to watch the Economic calendars will be Wednesday. At 12:30 GMT the usual US weekly Unemployment Claims are set to grab the attention of the financial media despite the event not moving the markets. At the same time, the US Preliminary GDP is set to be published. This event also, despite being on the headlines, has not caused notable market moves.
At 19:00 GMT, the US FOMC Meeting Minutes are scheduled to be published. Do not expect an immediate reaction of the markets, as the Meeting Minutes is not a statistics number, but a pdf document that contains clues on the future of the US monetary policy.
Its impact is gradual, as various market participants make their trades based upon how they interpret the information in the document. Quite often, the same text or even word is interpreted differently by various market participants. What matters is whether bullish or bearish views dominate after the publication.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
During today's morning, the pair pierced the support provided by the 55– and 100-hour SMAs near 1.1860.It is likely that some downside potential could prevail in the market in the short term. In this case the exchange rate could face the support level formed by the 200-hour SMA and the weekly PP near 1.1835.
If the predetermined support holds, the currency pair could reverse north. Otherwise, the pair could continue to decline.
Hourly Chart
On the daily candle chart, the EUR/USD is trading in a large scale channel down pattern, which is almost horizontal. The pattern has been guiding the rate since the end of July.
Meanwhile, note that the 55 and 100-day simple moving averages were providing support at 1.1780 and 1.1740.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 57% of open position volume was in short positions.
On Friday, the sentiment was 58% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to sell the pair.