Future forecasts were dependant on whether or not the resistance levels hold.
Economic Calendar Analysis
On Wednesday, at 19:00 GMT, the US Federal Open Markets Committee is set to publish its Meeting Minutes. The EUR/USD had the initial reaction of 3.2 to 23.2 base points.
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EUR/USD hourly chart's review
In the case of the resistance levels holding, the pair would most likely decline to the 1.1820 level, which managed to slow down the rate since late Monday's trading hours. Below that, the weekly R1 simple pivot point at 1.1806 and the 1.1800 mark could provide support.On the other hand, a potential decline would aim at the resistance zone that surrounds the 1.1880 level. Afterwards, the 1.1900 mark could be reached.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD is recovering despite previously piercing a long term descending trend line's support. In the near term future, the rate could find resistance in the 200-day simple moving average, which was heading to the 1.1900 level.Daily chart
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Traders are long on EUR/USD
On Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 58% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the pair.