However, by the start of Wednesday's US trading hours, the EUR/USD had returned to normal trading, as it was finding support in the 50-hour simple moving average, and resistance was provided by the 1.1360 level.
Economic Calendar Analysis
This week, the main event will be the release of the US employment data on Friday at 13:30 GMT. The release will consists of the publication of the Average Hourly Earnings, Non-Farm Employment Change and Unemployment Rate.
The rate has moved from 21.7 to 50.1 pips on the employment release.
Prior to the monthly employment data, on Thursday, at 13:30 GMT the US weekly Unemployment Claims might cause a move.
The EUR/USD has moved less than ten base points during the times that the data is released on its own. Namely, no other data is being published at the same time of the Unemployment Claims.
In addition, take into account the US ISM Services PMI survey results on Friday at 15:00 GMT. This event has caused EUR/USD moves from 6.6 to 32.2 base points.
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
In the case that the rate surges above the 1.1360 level, the 1.1380 mark and the weekly R1 simple pivot point at 1.1378 might act as resistance. Above these levels, note the 1.1400 level and the 1.1429 level where the weekly R2 simple pivot point was located at.Meanwhile, a passing of the support of the 50-hour simple moving average near 1.1315 might result in the EUR/USD reaching the 100-hour SMA at 1.1290, the weekly simple pivot point at 1.1282 and the 200-hour simple moving average near 1.1270.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has broken the channel down pattern. However, the pair found support in the 38.20% Fibonacci retracement level at 1.1200. Meanwhile, note that the continuation of the recovery of the rate could find additional resistance at the 1.1454 level, where the 50.00% Fibonacci retracement level is located at.Daily chart
Read More: Technical Analysis
Traders increase long sentiment
On Wednesday, on the Swiss Foreign Exchange trader open positions were long, as 68% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to sell the Euro against the USD.
On Tuesday, the sentiment was 65% long and the orders were 81% to sell.