On Tuesday, the EUR/USD was recovering after finding support in the 1.1100 level.
The rate was about to test the resistance of a pivot point at 1.1117. If this level gets broken, the rate might surge up to the 1.1170 mark.
US Preliminary GDP on Thursday
On Thursday, at 12:30 GMT the US Preliminary GDP is scheduled to be published. The event has caused moves on EUR/USD charts from 6.4 to 11.9 pips since February.EUR/USD hourly chart's review
Yesterday, the EUR/USD currency pair declined to the support formed by the 55-, 100– and 200-hour SMAs, located circa 1.1110. During Tuesday morning, the pair was testing the given support.If the given moving averages hold, it is likely, that a reversal north could occur in the nearest future. A possible upside target is the psychological level at 1.1150. However, note that the exchange rate has to surpass the weekly PP at 1.1117.
If the given resistance level holds, it is likely, that the Euro could depreciate against the Greenback in the nearest future. Note that the pair could face the support of the weekly S1 at 1.1080.
Hourly Chart
On the daily candle chart, it could be observed that despite the rate jumping, it still remains below the resistance of the daily simple moving averages, which are located near 1.1220.
Daily chart
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Traders short the EUR/USD
On Monday, on the Swiss Foreign Exchange 66% of open EUR/USD position volume was in short positions.
By the middle of Tuesday's trading, the sentiment had become 64% short.
Meanwhile, pending trade orders were neutral, as 50% of orders in 100 pips range around the current rate were to sell and 50% were to buy.