At mid-day on Tuesday, the near term future was dependant on whether or not the resistance zone holds.
Economic Calendar Analysis
This week, the top event for the EUR/USD is set to occur. On Thursday, at 12:45 GMT the ECB Main Refinancing Rate is scheduled to be published. In addition, at the same time the Monetary Policy Statement is set to be published.
However, note that the biggest EUR moves are expected to occur after the 13:30 ECB press conference. Usually, the journalist question part is the one, which reveals new information that impacts the markets.
Meanwhile, a minor reaction could occur on all USD pairs due to the US Unemployment Claims at 13:30 GMT.
On Friday, starting from 08:15 GMT the Markit Purchasing Managers Indices are set to be released for France, Germany and afterwards the Eurozone.
On the same day, at 14:45 GMT, the US PMIs will be published. The US publication has caused EUR/USD moves from 7.8 to 26.4 pips.
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 case of the mentioned resistance of the 1.2130/1.2140 zone holding, the currency exchange rate could look for support in the 100-hour SMA at 1.2120 and the 55-hour SMA near 1.2090. If these levels fail to provide support, expect the Monday low level of 1.2055 to be reached.On the other hand, if the resistance fails, the pair would first surge up to the 200-hour simple moving average near 1.2165. If the SMA does not stop a surge, the weekly R1 simple pivot point at 1.2185 could be targeted.
Hourly Chart
On the daily candle chart, the rate has reached the support of the 55-day simple moving average at the 1.2050 level. This SMA provided the rate with support in late November.
Daily chart
Read More: Technical Analysis
Swiss traders are neutral
On Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 54% of open position volume was in short positions.
Since the middle of Monday's trading, the sentiment was balanced, as 50% of positions were long and short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the pair.