Meanwhile, take into account that the pair had shortly fluctuated below the 1.1800 mark.
Economic Calendar Analysis
This week, the EUR/USD could be impacted by the release of the US ISM Manufacturing Purchasing Managers Index release on Wednesday at 14:00 GMT.
The top day for fundamental event watchers will be Friday. On Friday, at 12:30 GMT the US will release the country's monthly employment data. Later on, at 14:00 GMT, the US ISM Services Purchasing Managers Index is set to be out.
Most impact is expected from the US employment data release. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review In general, the zone around the 1.1800 mark appears to be one where reversals have been happening throughout August 2021. It has been marked on the chart.
In the meantime, it was spotted that the rate has been trading in a channel up pattern since August 19. The most recent bounce off from the 1.1840 mark was consistent with the pattern.
If the rate continues to surge, it could once again find resistance in the 1.1840 level and the weekly R1 simple pivot point at 1.1837. Above these levels, the 1.1875 level, where the weekly R2 simple pivot point is located at, might provide resistance.
On the other hand, a potential decline of the currency exchange pair would look for support in the 1.1795/1.1810 zone, the 55 and 100-hour simple moving averages and the lower trend line of the mentioned channel up pattern.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has pierced the resistance of the 55-day simple moving average, which was providing resistance at 1.1825. Above the 55-day SMA, the most close by technical resistance level on the daily candle chart was the July and August high level zone that surrounds the 1.1900 mark.Daily chart
Read More: Technical Analysis
Long sentiment declines
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 56% of open position volume was in long positions.
On Tuesday, 61% of volume was bullish. The orders had decreased by 5%.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 65% to sell the currency exchange rate.
The orders were 74% to sell on Tuesday. It appears that 9% of orders were executed.