The EUR/USD currency exchange rate was heading to the 1.1170 level, where it would meet with two pivot points that will provide support to the pair.
Latest Fundamental Event Report
The European Common Currency traded sideways against the US Dollar, following the US Non-Manufacturing PMI data release on Monday at 14:00 GMT. The EUR/USD exchange currency rate gained 6 pips or 0.05% right after the release. The Euro continued trading at the 1.1195 level against the US Dollar.
Institute for Supply Management released the US Non-Manufacturing PMI data, which came out worse-than-expected of 53.7 compared with the forecast of 55.5.
Anthony Nieves, Chair of the Institute for Supply Management (ISM) Non-Manufacturing Business Survey Committee commented: "The NMI registered 53.7 percent, which is 1.4 percentage points lower than the June reading of 55.1 percent. This represents continued growth in the non-manufacturing sector, at a slower rate. This is the index's lowest reading since August 2016, when it registered 51.8 percent. Respondents indicated ongoing concerns related to tariffs and employment resources. Comments remained mixed about business conditions and the overall economy."
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EUR/USD hourly chart's review
During Tuesday, the EUR/USD currency pair traded sideways within the cluster formed by the weekly R2, as well the weekly R1 and the monthly PP, located at 1.1234 and 1.1171 respectively.Hourly Chart
On Tuesday, 72% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.
By the middle of Wednesday's London trading session traders had not closed the positions, as 71% of open EUR/USD position volume was in short positions.
Meanwhile, trader set up pending orders in 100-pip range around the pair were almost neutral, as 53% of all orders were set to sell and 47% were to buy.