Economic Calendar Analysis
On Wednesday, the top event of the week would occur. At 18:00 GMT, the US FOMC Meeting Minutes could cause a move from 10.8 to 54.3, as it had done since November 2020.
On Thursday, the US Unemployment Claims could cause a move from 5.9 to 28.8 pips.
EUR/USD hourly chart's review Given that a breakout has occurred, sellers are likely to continue to drive the exchange rate lower during the following trading session. The potential target for bearish traders will be near the weekly S2 at 1.1670.
However, the 61.80% Fibonacci retracement level at 1.1707 could provide support for the currency exchange rate within this session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD currency pair breached a support line formed by the 61.80% Fibonacci retracement level at the 1.1700 area.The exchange rate appears to be heading to the November low level of 1.1600. In the meantime, currency exchange rate could consolidate around the 61.80% Fibonacci retracement level in the shorter term.
Daily chart
Read More: Technical Analysis
Traders are long
On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 59% of open position volume was in long positions.
On Wednesday, 67% of volume was bullish.
On Wednesday, trader set up pending orders in the 100-pip range around the pair were 71% to buy the currency exchange rate.