At the start of US trading hours at 14:30 GMT, the pair had retreated to the 1.1320 level. The 1.1320 mark was acting as support due to the 100 and 200-hour simple moving averages located at this level.
Economic Calendar Analysis
The top data set of the week will be released on Wednesday at 13:30 GMT. At that time, the US Consumer Price Index and Consumer Price Index are set to be published. The rate has moved from 19.2 to 43.4 points on the release.
On Thursday, at 13:30 GMT, the US Producers Price Index and Core Producers Price Index data sets are scheduled to be published. At the same time, the US weekly Unemployment Claims could cause a minor impact on the USD.
The PPI has caused EUR/USD moves from 8.6 to 11.9 pips. Meanwhile, the claims have moved the rate 6.3 to 13.9 pips. Note that quite often the claim release occurs together with other data.
The week will end with the US Retail Sales and Core Retail Sales on Friday at 13:30 GMT. The pair has moved from 8.5 to 21.7 pips.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
If the currency exchange rate declines below the 1.1320 level, the EUR/USD might find support in the 1.1300 level and the weekly S1 simple pivot point at 1.1297. Below the pivot point, the 1.1285/1.1287 zone could once again stop a decline.Meanwhile, a recovery of the Euro against the US Dollar would aim at the 1.1350 mark, before aiming at the 1.1365 mark, which acted as resistance on Friday. In the meantime, note that the weekly simple pivot point at 1.1339 was being ignored.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has been going nowhere during the whole of December, as the rate appears to be bouncing around the 1.1300 mark.Meanwhile, note the approaching 50-day simple moving average. The SMA might provide resistance and cause another test of the support of the 1.1200 mark and the 38.20% Fibonacci retracement level.
Daily chart
Read More: Technical Analysis
Long sentiment drops
On Tuesday, on the Swiss Foreign Exchange trader open positions were long, as 60% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 67% to sell the Euro against the USD.
On Monday, the sentiment was 64% long and pending orders were 54% to buy.