By the middle of Tuesday's GMT trading hours, the currency exchange rate had already declined to the 1.1200 level, which provided support last week.
Economic Calendar Analysis
The main scheduled macroeconomic data release of the week is bound to occur on Thursday, at 12:30 GMT. At that time the US employment data sets are scheduled to be published.
Note that some calendars show the ADP Non-Farm Employment Change and the US ISM Manufacturing PMIs as high impact events. However, they have not caused an increase of volatility.
Take a look at all of the historical reaction tables by clicking on the link below.
EUR/USD hourly chart's review
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55-, 100– and 200-hour SMAs near 1.1240. In this case the rate could decline below the 1.1160 mark.Meanwhile, note that the currency pair could gain support from the Fibo 38.20% at 1.1200. If the given level holds, it is likely that the Euro could consolidate against the US Dollar in the short run.
Hourly Chart
On the daily candle chart, a descending pattern can be observed. In theory, the pattern should cause a long term decline. The decline would then test the support of the 61.80% Fibonacci retracement level at 1.1184.
From a fundamental perspective the declining pattern captures the fact that the European Central Bank is increasing the EUR money supply. Meanwhile, the US Federal Reserve kept its policy unchanged in June.
Read more in the June Central Banks Updates article.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
Since Friday, on the Swiss Foreign Exchange 66% of all EUR/USD open position volume was in short positions.
On Tuesday, the sentiment had declined to 65% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were bullish, as 63% of orders in that range were to buy.
The orders were 53% to sell on Monday.