In the meantime, Dukascopy Bank SA traders have added more to short positions and closed long positions, as open position volume is 74% in short positions.
Economic Calendar Analysis
The financial markets might move on Wednesday, at 18:00 GMT. At that time, the Federal Reserve Meeting Minutes will be published. The minutes is a protocol of the prior meeting held by the Federal Open Markets Committee on the US monetary policy. New information might cause an adjustment of the US Dollar's value.
On Thursday, moves could be created by the publication of the European and US S&P Global Services and Manufacturing sector Purchasing Managers Index numbers.
However, reaction could be muted, as markets wait for the Friday's Jerome Powell's speech at the Jackson Hole Symposium at 14:00 GMT.
EUR/USD hourly chart analysis
If the pair declines, support is expected to be found in the 1.1100 mark and the 50-hour simple moving average. Further below, note the weekly R1 simple pivot point at 1.1076. This level has acted as resistance and support. A move further below is expected to look for support in the 1.1040/1.1050 range and the 100-hour simple moving average.In the case of a resumption of the prior Euro surge against the US Dollar, the rate would have to break the weekly R2 simple pivot point at 1.1130. Higher above, note the resistance of the 1.1200 mark and the weekly R3 simple pivot point at 1.1213.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has broken the upper trend line of the channel up pattern and reached the resistance of the major resistance zone at 1.1130/1.1200.A move through this major resistance zone could stop at the next high level range at 1.1235/1.1280.
On the other hand, a bounce off the resistance range could look for support in round exchange rate levels at 1.1100, 1.1050, 1.1000 and 1.0950. All of these levels have acted as support and resistance.
Daily chart
Read More: Technical Analysis
Traders add to short positions
On Monday, Dukascopy traders were shorting the pair, as 71% of all open position volume was in short positions.
Meanwhile, pending trader set up orders were set to buy. Namely, in the 100-point range around the pair, 58% of orders were to buy and 42% were to sell.
By mid-Wednesday, the open positions were 74% short and pending orders were 55% to sell.