During Wednesday's US trading hours, the pair had reached below the previous November low levels, as it approached the 1.1500 level.
Economic Calendar Analysis
There are no more notable events for this pair scheduled for this week. Next week's review is bound to be published on Friday.
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 pair continues to decline, it could look for support in the 1.1500 mark. Below the 1.1500 level, the rate could find support in the weekly S2 simple pivot point at 1.1463.On the other hand, the rate could recover. A recovery would immediately face the resistance of the weekly S1 at 1.1516 and the previous November low level zone at 1.1515/1.1535. Above the November low level zone, note the hourly simple moving averages and the weekly simple pivot point at 1.1567/1.1580.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD started the decline before reaching the combined resistance of the 55-day simple moving average, the 61.80% Fibonacci retracement level and the 1.1700 mark. In regards to support levels on this chart, note the 50.00% Fibonacci retracement level at 1.1454.Daily chart
Read More: Technical Analysis
Long sentiment grows
On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 55% of open position volume was in long positions.
On Wednesday, 64% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 70% to buy the Euro against the USD.
The orders were to 67% to sell on Tuesday.