The 1.1590 level provided the pair with support that caused a retracement back to the 1.1615/1.1625 zone, which together with two hourly simple moving averages acted as a resistance. In the near term future, the pair could trade sideways between the 1.1590 and 1.1625 levels.
Economic Calendar Analysis
On Wednesday, at 12:30 GMT, the US Durable Goods Orders and Core Durable Goods Orders change data will be published. The rate has moved only 4.8 to 11.1 pips due to the release since May.
On Thursday, the European Central Bank will publish the Eurozone's Main Refinancing Rate at 11:45 GMT. Note that a press conference will be held at 12:30 GMT by the management of the central bank.
The publication of the rate itself has caused moves from 7.2 to 28.6 base points since March. However, note that most volatility occurs during the question part of the press conference.
At 12:30 GMT, on Thursday, the US Advance GDP is expected to impact the value of the US Dollar. In addition, the US Unemployment Claims could also slightly impact the USD. The GDP has moved the EUR/USD from 7.9 to 13.6 pips, and the Claims from 7.6 to 13.5 base points.
On Friday, at 08:00 GMT, the German Preliminary GDP is expected to cause volatility in the value of the Euro. The EUR/USD has moved from 4.9 to 14.1 pips on the release.
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
In the case of a surge above the 1.1615/1.1625 zone, the rate would immediately face resistance at the 1.1630 level, where the weekly simple pivot point and the 100-hour simple moving averages are located at.However, a decline would look for support in the recent low levels at 1.1590/1.1595 and the weekly S1 simple pivot point. A passing of these levels might pause at the 1.1550 level before aiming at the weekly S2 simple pivot point at 1.1532.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has recovered after booking a new low level. The recovery could encounter resistance in the 1.1700 mark, which might be strengthened by the 55-day simple moving average and a 61.80% Fibonacci retracement level.Daily chart
Read More: Technical Analysis
Sentiment is neutral
On Tuesday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
On Monday, 51% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to buy the Euro against the USD.