During the early hours of Wednesday's trading, the currency pair confirmed the weekly simple pivot point as resistance. Meanwhile, it was observed that the 1.0160 level was providing support.
Economic Calendar Analysis
On Wednesday, the US ISM Services PMI at 14:00 GMT might impact the pair through the value of the US Dollar.
On Friday, one of the top events of the month will take place. At 12:30 GMT, the US employment data sets are scheduled to be released. The release will consist of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate.
EUR/USD hourly chart
A resumption of the decline of the EUR/USD might find support in the weekly S1 simple pivot point at 1.0128. Further below, note the last week's low level zone at 1.0097/1.0115.Meanwhile, a potential recovery would have to break the combined resistance of the weekly pivot point at 1.0193, the 1.0200 mark and the 50, 100 and 200-hour simple moving averages, which are spread out in the 1.0200/1.0220 range.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the currency exchange rate appears to be heading to the zone, which captures the previous low levels at 1.0350/1.0400.Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 50% to buy and sell the Euro against the USD.
On Tuesday, traders were 59% long and orders were 50% to buy and to sell.