In the meantime, it was previously noted that the 1.1910 provided support and 1.1960 level provided resistance.
Economic Calendar Analysis
On Tuesday, at 12:30 GMT expect the US Retail Sales and Core Retail Sales data. This publication could cause a move on the EUR/USD from 6.0 to 15.3 base points, as it has done since October 16, 2020.
On Wednesday, the US Federal Reserve is set to publish a FOMC Statement at 18:00 GMT and announce the Federal Funds Rate. This event is bound to set the tone for the whole global monetary policy. The EUR/USD has moved from 10.8 to 36.2 base points since November 5, 2020 on the announcement.
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 aftermath of breaking the channel up pattern on Friday, the EUR/USD has traded between the 1.1960 and 1.1910 levels. Meanwhile, the pair has by large ignored technical levels like the weekly simple pivot point and hourly simple moving averages.If the rate manages to pass the support of the 1.1910 level, it would first look for support at 1.1900. Afterwards, the rate could reach for the weekly S1 simple pivot point at 1.1865.
On the other hand, if the 1.1960 level fails to provide resistance, the pair could test the previous week's high at 1.1990 and afterwards the 1.2000 mark.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached the support of the 200-day simple moving average, which might have been one of the causes of the recent EUR/USD recovery. The SMA pushes the rate up to the 23.60% Fibonacci retracement level at the 1.2000 mark.Meanwhile, take into account the resistance of the 55 and 100-day simple moving averages at 1.2109 and 1.2042.
Daily chart
Read More: Technical Analysis
Sentiment remains long
Since Thursday, on the Swiss Foreign Exchange trader open positions were bullish, as 58% of open position volume was in long positions.
On Monday, 57% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the pair.
Previously, the orders were 56% to sell.