By the middle of the day, the rate had reached below the 1.1750 mark.
Economic Calendar Analysis
On Wednesday, at 13:15 GMT, the US ADP Non-Farm Employment Change is set to be released. This event has caused EUR/USD moves from 4.3 to 15.7 pips since November.
On the same day, at 15:00 GMT the US ISM Manufacturing PMI is set to be scheduled. The rate has moved from 9.1 to 16.0 pips on the announcement.
The week will end on Friday with the top event, as the US Employment data is set to be released at 13:30 GMT. The event will consist of three data sets being released. Combined they have caused moves from 15.8 to 45.7 pips on the EUR/USD charts.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
In the near term future, the rate could extend its decline and reach for the support of the weekly S1 simple pivot point at the 1.1722 level. If this level fails to provide support, the rate most likely would reach for the 61.80% Fibonacci retracement level at 1.1707 and the 1.1700 mark.On the other hand, the rate could consolidate and trade sideways below the 1.1750 level until it is caught up with by the 55-hour simple moving average. The SMA stopped the rate's recovery attempts since late Friday.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has passed the support trend line, which connects the February and March low levels and the December 21 low level. This trend line has provided support to the rate throughout 2021.Next support on the daily candle chart was the 38.20% Fibonacci retracement level at 1.1688.
Daily chart
Read More: Technical Analysis
Long sentiment grows
On Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 69% of open position volume was in long positions.
On Monday, the long sentiment was at 61%.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to buy the pair. Previously, the orders were 54% to buy.