Economic Calendar Analysis
This week, the EUR is expected to react to the publication of the European Central Bank's Monetary Policy Statement on Thursday 11:45 GMT. However, the reaction to the publication itself is rather low. Instead, most volatility can be expected at 12:30 GMT during the ECB Press Conference.
On Friday, at 12:30 GMT the rate could move due to the publication of the US Producers Price Index.
EUR/USD hourly chart's review In the case that the decline of the EUR/USD continues, the currency exchange rate would most likely aim at the weekly S1 simple pivot point at the 1.1806 level. In addition, the 1.1800 mark could provide additional support.
On the other hand, a recovery of the pair would likely encounter resistance in the 200-hour simple moving average at 1.1835. Above the 200-hour SMA, the pair might find resistance in the weekly simple pivot point at 1.1858 and the 55 and 100-hour simple moving averages at 1.1861 and 1.1866.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has bounced off the zone that surrounds the 1.1900 level. The 1.1900 has kept the rate down since the start of July.Most recently, the rate found support in the 55-day simple moving average at the 1.1815 level. A passing of the SMA would leave the rate with no additional support on the daily candle chart as low as the 1.1707 level, where a 61.80% Fibonacci retracement level is located at.
Daily chart
Read More: Technical Analysis
Traders are almost neutral
On Tuesday, on the Swiss Foreign Exchange trader open positions were short, as 55% of open position volume was in short positions.
On Wednesday, the sentiment was 52% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to buy the currency exchange rate.
The orders were 60% to sell on Tuesday.