From that level, the rate began a recovery, which was piercing one resistance level after another, as the rate appeared to be returning to the 1.1900 mark.
Economic Calendar Analysis
This week, on Wednesday, at 12:30 GMT the US Retail Sales and Core Retail Sales data sets are set to be published. Since April, the EUR/USD has moved from 7.6 to 19.9 pips on the announcement.
Wednesday's events are set to end with the most notable event of them all - the Federal Open Markets Committee announcements and the US Federal Reserve Rate Announcement. The EUR/USD moved from 22.2 to 83.0 pips on the announcements that occurred since March.
Afterwards, at 12:30 GMT, the US weekly Unemployment Claims could cause a move. Note that the two last releases caused, respectively, 20 and 40 pip moves.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Wednesday GMT morning, the currency exchange rate was recovering and breaking resistance levels. By 08:00 GMT, the rate had reached the combined resistance of the 55-hour SMA and the monthly pivot point at 1.1867.The more likely scenario was that the pair would pass these resistance levels and once again approach the resistance of the 1.1900 level. In the case of the 1.1900 mark failing to keep the rate down, the EUR/USD would aim at the weekly R1 simple pivot point at 1.1926.
On the other hand, the rate could be kept down by the SMA and the pivot point. In this case scenario, the rate would trade sideways.
Hourly Chart
On the daily candle chart, the rate is at the previously shortly pierced lower trend line of the channel up pattern, which had guided the currency exchange rate since the start of May.
Daily chart
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Sentiment is almost unchanged
Since Friday, on the Swiss Foreign Exchange 55% of all EUR/USD open position volume was in short positions.
On Wednesday, the sentiment had slightly changed, as 54% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 65% of orders were to buy.
The orders were neutral on Tuesday.