The EUR/USD currency pair is below the psychological level at 1.0950. During Tuesday morning, the pair was testing the psychological level at 1.0910.
Note that the 2018/2019 low is located at 1.0880.
Economic Calendar Analysis
This week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
On Thursday, the US CPI data sets are set to be published at 13:30 GMT. The EUR/USD has moved from 7.1 to 26.9 pips because of the release.
On Friday, the US Retail Sales data will be out also at 13:30 GMT. This event has caused moves on the EUR/USD pair since September 2019 from 8.7 to 25.4 base points.
Read More: 10.02-14.02 Event Historical Reactions
EUR/USD hourly chart's review
On Monday, the EUR/USD currency pair breached the medium-term descending channel south. During today's morning, the pair was trading at the 1.0920 level.Note that the exchange rate is pressured by the 55-hour moving average near 1.0940. Thus, some downside potential could prevail in the market. In this case the rate could gain support from the weekly S1 and the Fibo 23.60% in the 1.0895 area.
If the given support level holds, it is likely that the Euro could consolidate against the US Dollar in the short term in the 1.0920 area. Also, it is unlikely that bulls could prevail, and the rate could exceed the 1.0960 area due to the resistance provided by the 100-hour SMA.
Hourly Chart
On the daily candle chart, as the support of the 1.1000 level has been passed, the pair has no support as low as the monthly S2 pivot point at 1.0872.
In the meantime, the rate has left the daily simple moving averages in the range from 1.0935 to 1.1007. It is a signal that the pair is overbought.
Daily chart
Read More: Technical Analysis
Traders gain from decline
On Tuesday, 56% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
Traders had been short since last Monday. Their short positions are most likely in the green.
Meanwhile, set up pending orders were neutral, as 52% of orders in the 100-pip range were to buy and 48% were to sell.