By the middle of Tuesday's London trading hours, the EUR/USD had reached the support of two hourly simple moving averages and a weekly simple pivot point near 1.0830.
The short term future scenarios were based upon what would happen at this level.
Economic Calendar Analysis
During the week there are no notable events that might impact the EUR/USD currency exchange rate. However, some economic calendars have US and EU events listed as high impact.
On Thursday, at 15:30 GMT the US Durable Goods Orders are set to be published. This event has caused moves from 3.0 to 15.1 pips since August.
Moreover, the 15.1 pip move was an anomaly caused by the simultaneous release of other data together with the Durable Goods orders. Without it, the range is from 3.0 to 5.7 pips.
At the same time, the US Preliminary GDP is scheduled to be published. This is the other data set that together with the Durable Goods orders caused a 15.1 pip move. Without the other data, the GDP has caused moves from 6.1 to 11.4 pips.
In general, for there to be a move above ten pips all of the three data numbers should be different from the forecasts in the same way. Either better or worse than expected, all should surprise in the same manner. Such situation is highly unlikely.
Another release on the calendars is the Euro Zone CPI Flash Estimate. It has caused moves from 4.7 to 10.6 pips.
It is a minor one due to the fact that components of this number are being released prior to it. Namely, Euro Zone countries release their data on their own before the combined Euro Zone CPI. The markets more or less already know what is set to be revealed and there is no surprise that could cause a market adjustment.
The week's data is available. Click on the link below to see the historical data tables with the reactions to various events.
Read More: 24.02-28.02 Event Historical Reactions
EUR/USD hourly chart's review
At mid-day, the EUR/USD tested the support of the 55 and 200-hour SMAs and the weekly simple pivot point near 1.0830. In addition, the rate could get the technical support of the 100-hour simple moving average near 1.0820.If the support levels manage to hold, a surge should begin. In the case of a surge, the currency exchange rate would once again make an attempt to pass the resistance of the monthly S2 pivot point that is located at 1.0872.
On the other hand, in the case of the support levels failing, the pair could reach for the support of the weekly S1 pivot point at 1.0796.
Hourly Chart
On the daily candle chart, the pair is retracing back up after dropping sharply throughout February. This move up is seen as a consolidation of the previous decline. Namely, the pair should eventually aim for the support of the S3 monthly pivot point near 1.0750.
Daily chart
Read More: Technical Analysis
Swiss traders remain neutral on EUR/USD
Since Monday's trading, the open position volume on the Swiss Foreign Exchange has been neutral 49% of volume was long and 51% was short.
Meanwhile, set up pending orders were set to sell, as 53% of orders in the 100-pip range were to sell and 47% were to buy.
On Monday, 53% of orders were to buy and 47% were to sell.