In the meantime, the 1.1470 level provided resistance and stopped a surge during Tuesday's GMT morning hours.
Economic Calendar Analysis
On Thursday, the US Unemployment Claims data is set to be published at 12:30 GMT.
On Friday, the UK Retail Sales data will be issued at 6:00 GMT. On the same day, Markit is going to publish PMIs survey results for Germany and the US.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
Given that the exchange rate is supported by the 55– and 100-hour SMAs near 1.1420, it is likely that some upside potential could prevail in the market. In this case the rate could try to exceed the weekly R1 at 1.1487.Meanwhile, note that the currency pair could remain under pressure of the Fibo 50.00% at 1.1454. Thus, it is likely that a reversal south could occur, and the pair could re-test the support formed by the weekly PP and the monthly R1 in the 1.1400 area.
Hourly Chart
On the daily candle chart, on Tuesday, a channel up pattern was spotted and drawn on the chart. It can be added by connecting the mid-May low level and the late-June low level and setting a parallel line at the June high levels.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1200 mark.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Monday, on the Swiss Foreign Exchange 66% of all EUR/USD open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 57% to sell.