Meanwhile, by the middle of Wednesday's trading, the pair had started to ignore the support and resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.
Economic Calendar Analysis
On Thursday, at 14:00 GMT, the US ISM Manufacturing Purchasing Managers Index could cause a market adjustment.
The top event of the week is scheduled for Friday, at 12:30 GMT. At that time, the US Unemployment Rate, Non-farm Employment Change and the Average Hourly Earnings are set to be published.
EUR/USD hourly chart
In the case of the Euro continuing its prior decline against the US Dollar, the rate might look for support in the August low level zone at 0.9900/0.9915. Further below, take into account the weekly S1 simple pivot point at 0.9878.On the other hand, a potential extension of the European currency's recovery would have to pass the 1.0040/1.0050 zone, before approaching the weekly R1 simple pivot point at 1.0068 and the August 26 high at 1.0090.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline of the EUR/USD has passed the July low level. Further below, the currency rate might look for support in the lower trend line of the channel down pattern.In the meantime, the resistance of the 50-day simple moving average has moved below the 1.0200 mark.
Daily chart
Read More: Technical Analysis
Traders are long
On Wednesday, on the Swiss Foreign Exchange, trader open positions were bullish, as 66% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to sell the Euro against the USD.
On Tuesday, traders were 68% long and orders were 57% to sell.