Note that the Friday's drop passed the support of the June low level and reached below the 1.2100 level. Due to that reason, an extension of the decline is possible.
Economic Calendar Analysis
Expect an update to the calendar section with the week's event reviews soon.
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 trade sideways until it reaches the resistance of a channel down pattern near the 1.2120 level. In addition, the 55-hour SMA could provide additional resistance. Afterwards, a potential decline would aim at the weekly S1 simple pivot point at 1.2062.On the other hand, a potential breaking of the resistance at 1.2120 could result in a test of the resistance of the weekly simple pivot point at the 1.2140 level.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate appears to be heading to the support of the 55 and 100-day simple moving averages. In the meantime, the pair is fluctuating in the borders of a channel down pattern.In the meantime, note that the rate is finding support in the 1.2100 level.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, on the Swiss Foreign Exchange trader open positions were short, as 56% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 73% to buy the pair.