Economic Calendar Analysis
On Wednesday, at 18:00 GMT, the FOMC Meeting Minutes publication could provide more insight into the Federal Reserve's policy.
On Thursday, The US Preliminary GDP and Unemployment Claims releases at 12:30 GMT are highly likely going to impact the USD.
On Friday, at 12:30 GMT, the Core PCE Price Index is bound to impact financial markets through the US Dollar.
EUR/USD hourly chart
A continuation of the ongoing decline of the Euro against the US Dollar might look for support in the 1.0800 mark and the weekly S1 simple pivot point at 1.0779. Further below, note the weekly S2 simple pivot point at 1.0710 and the 1.0700 level.Meanwhile, a recovery could face resistance in the 1.0845 level, the 50 and 100-hour simple moving averages near 1.0870 and the resistance zone at 1.0900. Higher above, note the weekly simple pivot point at 10.916 and the descending 200-hour SMA.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached a new support level. The 100-day simple moving average is acting as support near the 1.0820 mark.A continuation of the decline could look for support in the zone near 1.0750.
Daily chart
Read More: Technical Analysis
Traders reduce short position amount
On Wednesday, trader open positions became neutral, as 52% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Monday and Tuesday, traders were 54% short and orders were 60-70% to sell.