Economic Calendar Analysis
On Wednesday, at 14:00 GMT, the US ISM Non-Manufacturing PMIs is set to be released. The EUR/USD has moved 5.9 to 12.4 pips on the release.
The week will end with the Friday's release of the US employment data at 12:30 GMT. The event consists of the release of the US Average Hourly Earnings, US Non-farm Employment Change and US Unemployment Rate.
The rate has moved from 20.2 to 75.1 pips on the announcement.
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
As for the near future, the exchange rate could continue to edge higher in an ascending channel pattern. Bullish traders are likely to target the upper line of the channel pattern at 1.1920 within this session.However, the 50– hour simple moving average at 1.1877 could provide resistance for the currency exchange rate in the shorter term.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, it can be observed that since June the rate has been finding resistance in the 1.1900 and 1.1950 levels. Meanwhile, the 1.2000 mark is surrounded by technical resistance levels like the three daily simple moving averages and a 23.60% Fibonacci retracement level.In regards to support, the 1.1750 level has been marked as support, as it is clear that it managed to reverse the June and July decline of the currency exchange rate.
Daily chart
Read More: Technical Analysis
Traders are still bullish
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 54% of open position volume was in long positions.
On Tuesday, the market sentiment was still at 54% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to sell the EUR/USD currency pair and 47% to buy.