The decline ended at the 1.1800 mark, which was supported by the 100-hour simple moving average.
Economic Calendar Analysis
During the week, on Thursday, at 13:30 GMT USD pairs could move because of the release of the US Consumer Price Index and the Unemployment Claims. The rate could move up to 20 pips on the announcement.
On Friday, the US Producer Price Indices are scheduled to be released at 13:30 GMT. The EUR/USD has moved from 7.2 to 48.9 pips during the release of the PPIs.
However, the 48.9 pips move was an anomaly caused by other data being released together with the PPIs. Instead, expect a move from 7.2 to 12.2 pips.
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
On Tuesday morning, the EUR/USD currency exchange rate was being pushed up by the 100-hour simple moving average, which had reached the 1.1810 level. In the meantime, resistance was being provided by the 1.1840 mark, which had managed to shortly keep the rate down during the previous week. Meanwhile, the 55-hour SMA was providing resistance at 1.1855.In the near term future, it is likely that the 100-hour SMA would push the rate through the resistance of the 1.1840 level and the 55-hour SMA. It is assumed due to both of these levels failing in the past. The 1.1840 was passed last week and the 55-hour SMA failed to provide support on Monday.
On the other hand, in the case of the resistance levels holding, the rate would trade sideways until the 100-hour SMA squeezes the rate into the resistance levels and a break out follows.
Hourly Chart
On the daily candle chart, the EUR/USD currency exchange rate has the additional support in the form of the 55-day simple moving average near the 1.1790 level.
Daily chart
Read More: Technical Analysis
Traders remain short
On Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 57% of open position volume was in short positions.
On Monday, the sentiment was 58% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the pair.
The orders were 60% to sell on Monday.