In the meantime the breaking of the pattern did not result in a sharp decline, as support was immediately found in the late March low level zone at 1.0945/1.0965.
Economic Calendar Analysis
During the week, almost all attention will be paid to the US Federal Reserve Federal Open Market Committee Meeting Minutes on Wednesday at 19:00 GMT.
The meeting minutes are a protocol of the central bank's committee, which decides US and, subsequently, global monetary policy. The document is set to reveal, what the committee talked about and detailed information about their future plans.
On Thursday, a minor USD move might be created by the publication of the weekly US Unemployment Claims data at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the Euro recovers against the US Dollar, the currency exchange rate might encounter resistance in the previously passed trend line. However, it is more likely that the pair finds resistance in the combination of the 1.1000 mark and the 50-hour simple moving average. Above these levels, the 200-hour simple moving average at 1.1040 might stop a surge.On the other hand, a decline would have to reach below the late March low level zone at 1.0945/1.0965, before approaching the weekly S1 simple pivot point at 1.0931. Further below, note the 1.0900 mark, which acted as support from March 11 up to March 14.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has succeeded on its third attempt at passing the zone of the January and February low levels and March high levels. However, the pair has encountered resistance in the 50-day simple moving average.Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 62% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 50% to buy and sell the Euro against the USD.
On Monday, the sentiment was 61% long and pending orders were 58% to buy.