On the EUR/USD hourly candle chart, it could be observed on Tuesday that the pair is being pushed down by the 55-hour simple moving average.
By the middle of the day, the SMA had forced the pair into passing the support of the 1.0830 level. This indicates that the pair could decline even more.
Economic Calendar Analysis
During the week there is only one notable event that could impact the EUR/USD pair.
On Wednesday, the Federal Reserve will publish its FOMC Meeting Minutes at 19:00 GMT.
The week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
Read More: 17.02-21.02 Event Historical Reactions
EUR/USD hourly chart's review
By the middle of Tuesday's London trading hours, it was expected that the EUR/USD would get pushed down by the 55-hour simple moving average. It was assumed due to the rate piercing the support of the 1.0830 level.The next close by support to the rate below the 1.0830 level was the weekly S1 simple pivot point at 1.0788. This level could be reached in the near term future.
In the meantime, if the 55-hour SMA would fail to provide resistance, the rate could immediately find resistance in the 100-hour simple moving average near 1.0850.
Hourly Chart
On the daily candle chart, the pair surpassed the support of the monthly S2 pivot point at 1.0872.
In the meantime, the rate has left the daily simple moving averages in the range from 1.1060 to 1.1110. It is a signal that the pair is oversold.
Daily chart
Read More: Technical Analysis
Swiss traders are neutral on EUR/USD
Since Monday, 51% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
Meanwhile, set up pending orders were also neutral, as 51% of orders in the 100-pip range were to buy and 49% were to sell.