The EUR/USD reacted to the news by surging up to the 1.0900 mark. Afterwards, by 13:30 GMT, the rate had declined and was expected to reach for the support of the 1.0840 mark.
Economic Calendar Analysis
During the middle of Wednesday's trading, at 12:30 GMT, the US Producers Price Index data will reveal how prices have changed at the production level. Most likely, the USD is set to move due to the release.
On Thursday, at 11:45 GMT, the European Central Bank is scheduled to release its Main Refinancing Rate and Monetary Policy Statement. The Euro is set to react to the event. In addition, note that the central bank is set to host a press conference at 12:30 GMT.
Also at 12:30 GMT, the US Retail Sales data and weekly Unemployment Claims are scheduled to impact the value of the US Dollar.
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 pair passes below 1.0840, the currency rate might look for support in the 1.0800 level and the weekly S1 simple pivot point at 1.0789. Further below, note the 1.0700 mark and the weekly S2 simple pivot point at 1.0704.However, a potential bounce off from the support of the 1.0840 level could encounter resistance in the 50 and 100-hour simple moving averages near 1.0885, before reaching the weekly simple pivot point at 1.0922 and the resistance zone at 1.0925/1.0940.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed the support of the 23.60% Fibonacci retracement level at 1.0886. The retracement levels are measured by connecting the 2017 low and 2018 high levels.Note the March low level at 1.0810.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 65% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the Euro against the USD.
On Tuesday, the sentiment was 67% long and pending orders were 54% to sell.