In regards to the near term future, it appeared that the rate would slightly respect technical levels until the final results of the US Elections are announced.
Economic Calendar Analysis
On the day after the US Election, on Wednesday, the US ISM Non-Manufacturing PMI will be published at 15:00 GMT.
On Thursday, expect the weekly US Unemployment Claims to cause a minor move at 13:30 GMT. Throughout October, the event has caused EUR/USD moves from 7.4 to 13.6.
Later in the day, at 19:00 GMT, the US Federal Reserve will make a Rate Statement. Namely, the bank will react to the US Election and the following market reaction. Previously, the Fed had stated that they intend to stop a market crash, if one starts due to the election results.
On Friday, the US are publishing their monthly employment statistics. Among them will be the Average Earnings, Unemployment Rate and official Non-Farm Employment Change. In general, the Average Earnings and Employment Change reveal, how much USD is used for employment.
The currency exchange rate has moved from 15.7 to 51.8 pips on the announcement since June.
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
On Tuesday, the EUR/USD currency pair pierced the 200-hour SMA near 1.1750. It is likely that the exchange rate could remain under pressure of the given moving average and trade downwards in the short term. In this case the rate could gain support from the weekly S1 at 1.1574.On the other hand, the currency pair could gain support from the 55– and 100-hour SMAs near 1.1670. Thus, the pair could trade upwards and re-test the psychological level at 1.1780.
Hourly Chart
On the daily candle chart, the EUR/USD currency exchange rate is ignoring the support of the 100-day simple moving average, which on Wednesday was located at 1.1666
In the meantime, the 55-day simple moving average could provide resistance at the 1.1785 level.
Daily chart
Read More: Technical Analysis
Traders are neutral
Since Tuesday, on the Swiss Foreign Exchange trader open positions were neutral, as 50% of volume was short and 50% was long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 66% to sell the pair.