By the start of the US trading on Tuesday, the rate had recovered and had once again tested the previously broken resistance zone near 1.1890 and retreated from it to the support of the 200-hour SMA and 1.1850.
Economic Calendar Analysis
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
At mid-day on Tuesday, the EUR/USD currency exchange rate was located between the resistance of the 55 and 100-hour SMAs and the support of the 200-hour SMA near 1.1850.If the rate breaks out to the downside, it would aim at the support of the weekly S1 simple pivot point at 1.1819.
On the other hand, the pair could pass the 55 and 100-hour SMAs and once again test the resistance zone below the 1.1900 mark.
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, the 1.1920 level could provide resistance, as this level reversed the pair's surges in September and early November.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 58% of open position volume was in short positions.
On Tuesday, the sentiment changed, as 57% of volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to sell the pair.