In the meantime, the rate was being approached by the resistance of the 55-hour simple moving average, which was located near 1.2070.
Economic Calendar Analysis
On Wednesday, the US ADP Non-Farm Employment Change at 13:15 GMT will be on the headlines. However, the market does not care, as since December 2 the rate has moved only 4.3 to 8.5 pips on the release.
On the same day, at 15:00 GMT the US ISM Non-Manufacturing PMI could cause a move from 8.3 to 16.9 pips.
On Friday, at 13:30 GMT the US will publish its monthly employment data. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate. The EUR/USD has moved from 15.7 to 22.8 pips on the publication since October.
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
Previously, the resistance of the 1.2100 mark held and caused a a decline. On Tuesday morning, the EUR/USD currency exchange rate had reached below the support of the zone near 1.2020 and the weekly S1 simple pivot point.In theory, the pair should now decline to the weekly S2 simple pivot point at 1.1946. If this level gets passed, the 1.1900 mark would be aimed at. However, already on Tuesday morning, the rate found some support in the round exchange rate level of 1.2000.
In the case of the round exchange rate levels holding, the pair could consolidate by retracing back up or trading sideways.
Hourly Chart
On the daily candle chart, the pair has passed the support of the 100-day simple moving average, which caused the February surge. However, the rate found support in the 23.60% Fibonacci retracement level at 1.2000.
Daily chart
Read More: Technical Analysis
Short sentiment continues decline
On Monday, on the Swiss Foreign Exchange trader open positions were short, as 57% of open position volume was in short positions.
On Tuesday, the sentiment was 54% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to buy the pair.
On Monday, 56% of orders were to buy.