This resistance level caused a decline, which could eventually reach technical support levels near 1.1490.
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
In theory, the decline that started on Wednesday could reach the support of the weekly R1 at 1.1487. In addition, by the time the rate reaches the pivot point it could be supported by the 55-hour simple moving average.On the other hand, the rate might find support in the psychological effect of the 1.1500 level.
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
Short sentiment increases
Since Monday, on the Swiss Foreign Exchange 66% of all EUR/USD open position volume was in short positions. On Wednesday, the situation changed, as the sentiment was 74% short.
Long traders had taken profits, short traders had stuck to their positions. In addition, it can be assumed that some opened additional short positions.
On Tuesday, trader set up pending orders in the 100-pip range around the pair were 57% to sell.
By the middle of Wednesday, the orders were 61% to buy.