During Wednesday morning, the rate pierced the monthly R1 located at 1.1246.
Economic Calendar Analysis
In regards to the EUR/USD during this week, there are a couple of scheduled macroeconomic data releases that could impact the currency exchange rate.
On Thursday, the US Unemployment Claims at 12:30 GMT will be discussed by most market participants. However, this release usually causes moves below ten pips. There were exceptions in May and June, when the EUR/USD moved respectively 11.2 and 22.2 pips.
Take a look at all of the historical reaction tables by clicking on the link below.
EUR/USD hourly chart's review
On Tuesday, the EUR/USD currency pair declined to the monthly R1 at 1.1246. During today's morning, the pair was trading at 1.1260.Note that the exchange rate is pressured by the 55-, 100 and 200-hour SMAs near 1.1300. Thus, it is likely that some downside potential could prevail, and the rate could decline to the support area formed by the Fibo 38.20% and the weekly S1 in 1.1172/1.1200.
However, if the monthly R1 holds, it is likely that the Euro could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, since June 5, the rate has been consolidating by trading sideways between monthly simple pivot points.
Daily chart
Read More: Technical Analysis
Traders stick to short positions
On Tuesday, on the Swiss Foreign Exchange 73% of all EUR/USD open position volume was in short positions.
During Wednesday morning hours, the sentiment was 74% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were almost neutral, as 53% of orders were to buy and 47% of orders were set to sell.