Meanwhile, it was spotted that traders have set up sell orders.
Economic Calendar Analysis
On Wednesday, the US Retail Sales and Core Retail Sales is bound to impact the USD value at 12:30 GMT.
The top event of the month is scheduled for Wednesday's 18:00 GMT. The US Federal Reserve will publish its Economic Projections and Statement. The central bank is expected to hike interest rates. The question remains among market participants whether a 0.50% or 0.75% hike occurs.
Note that after the official announcement a press conference is scheduled for 18:30 GMT.
EUR/USD hourly chart's review
If the resistance of the 1.0480 mark and the 50-hour simple moving average holds, the EUR/USD is set to look for support in the 1.0400 mark. Below the 1.0400 level, the 2017 low level at 1.0340, the 1.0350 mark and the weekly S2 simple pivot point at 1.0330 are going to act as support.On the other hand, a move above 1.0480 is set to encounter resistance in the 1.0500 level. Higher above, note the 1.0550 mark and the technical levels near 1.0580/1.0600.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has bounced off the upper trend line of the 2022 channel down pattern.On Tuesday, the pair reached the support zone of the 2017 and 2022 low levels at 1.0350/1.0400. A move below the zone might find support in the lower trend line of the channel down pattern below 1.0200.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
On Monday, on the Swiss Foreign Exchange, trader open positions were bullish, as 64% of open position volume was in long 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 Tuesday, the open positions were already 66% long and pending orders were 58% to sell.