Meanwhile, the currency exchange rate appears to be trading in a still not confirmed channel up pattern. Namely, the rate has not confirmed the support line of the pattern, as it has been simply set parallel to the resistance line, which has been touched three times.
Economic Calendar Analysis
On Wednesday, US Durable Goods Orders release at 12:30 GMT could cause an adjustment in the value of the US Dollar. All the pairs that involve the USD are bound to move.
On Thursday, the US Preliminary GDP could cause a notable reaction in the markets.
EUR/USD hourly chart's review If the rate finds support in the 200-hour simple moving average and the lower trend line of the channel up pattern, a surge should follow up. A potential surge would test the resistance of round exchange rate levels at 1.1750, 1.1760 and 1.1770 before reaching the resistance of the weekly R1 simple pivot point at 1.1782.
On the other hand, a decline below the SMA and the trend line could look for support in the combination of the weekly simple pivot point at 1.1723 and the 100-hour simple moving average nearby the pivot point. Below these levels, the 1.1700 mark together with a 61.80% Fibonacci retracement level would provide support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD pair appears to be retracing back up after breaching the support of the 1.1700 level. The additional resistance of the 55-day simple moving average could provide the rate with enough resistance for a resumption of the decline.A potential larger scale decline could aim at the November and September low level at 1.1600.
Daily chart
Read More: Technical Analysis
Traders are long
Since Monday, on the Swiss Foreign Exchange trader open positions were long, as 63% of open position volume was in long positions.
On Wednesday, 62% of volume was bullish.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 73% to sell the currency exchange rate.