However, on Wednesday morning, a new low was touched, as the pair reached below 1.0230.
Economic Calendar Analysis
Watch out for the Wednesday's Federal Reserve's FOMC Meeting Minutes at 18:00 GMT.
On Thursday, the ADP Non-farm Employment Change might impact the markets through the value of the US Dollar.
On Friday, the United States are scheduled to release their monthly employment data at 12:30 GMT. Expect the data release to consist of the Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart's review
If the Euro continues to decline against the US Dollar, the rate could look for support in the weekly S2 simple pivot point at 1.0220. Further below, note the 1.0200, 1.0150 and 1.0100 levels.Meanwhile, a potential recovery of the Euro against the US Dollar might is expected to a recently revealed support and resistance zone at 1.0270/1.0280. Higher above, note the 1.0300 mark, before the rate reaches the weekly S1 simple pivot point at 1.0323.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the low level zone of 1.0340/1.0400. In theory, the pair has no technical support as low as the lower trend line of the channel down pattern near 1.0050.If no round exchange rate level provides support and the monetary policy of the ECB and the Fed remain unchanged, the EUR/USD might soon reach parity.
Daily chart
Read More: Technical Analysis
Traders are long despite drop
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 67% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell the Euro against the USD.
On Monday, trader positions were 65% long and pending orders were 60% to sell. On Tuesday, 68% long and 51% to buy.