As expected, the 55-hour simple moving average has pushed the EUR/USD down to the support of the weekly S1 simple pivot point at 1.0788.
By the middle of Wednesday's trading hours, the rate had begun to trade sideways near the 1.0800 level.
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 various events.
Read More: 17.02-21.02 Event Historical Reactions
EUR/USD hourly chart's review
On the hourly candle chart, the pair has begun to trade sideways, as its decline was stopped by the weekly S1 simple pivot point at 1.0788. In the meantime, the 55-hour SMA was located near the 1.0820 level.In general, the rate was expected to trade between the 1.0788 and the 1.0820 levels. Afterwards, the 55-hour SMA should decline and cause another decline.
Hourly Chart
On the daily candle chart, the pair continues to sharply drop. It has no technical support as low as the monthly S3 pivot point at the 1.0751 level. The rate's decline could find support in this level.
In the meantime, the daily simple moving averages have been left far above the currency exchange rate above the 1.1060 level. It signals 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.
By the middle of Wednesday's trading, the open position volume became balanced. 50% of volume was long and 50% was short.
Meanwhile, set up pending orders were neutral since Monday, as 51% of orders in the 100-pip range were to buy and 49% were to sell.
On Wednesday, 59% of orders were to buy and 41% were to sell.