In the near term future, the rate was expected to recover, as it had found support in the 100-hour simple moving average.
Economic Calendar Analysis
On Thursday, at 12:30 GMT the weekly US Unemployment Claims are set to be released. They could create above average volatility.
On Friday, the US Producer Price Index and US Core Producer Price Index are set to be released. In the recent past they have not caused notable volatility.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
During today's morning, the pair declined to the 100-hour SMA near 1.1265.If the given moving average holds, it is likely that a reversal north could occur in the nearest future. In this case the exchange rate could face the resistance of the weekly R1 at 1.1308.
Meanwhile, note that the rate could be pressured by the 55-hour moving average near 1.1280. Thus, it is likely that some downside potential could prevail in the market. Note that the pair could gain support from the Fibo 38.20% and the weekly S1 at 1.1200.
Hourly Chart
On the daily candle chart, the currency exchange rate has broken the resistance of the channel down pattern that captures the decline, which was caused by additional monetary easing from the ECB.
Daily chart
Read More: Technical Analysis
Traders remain short
On Tuesday, on the Swiss Foreign Exchange 62% of all EUR/USD open position volume was in short positions.
On Monday, traders were 61% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to buy.
Orders were 55% to sell on Monday.