During the first half of Tuesday's trading hours, the pair was fluctuating below the 1.0600 mark and the 1.0570 level. Meanwhile, the pair was being approached by the support of the 50-hour simple moving average.
Economic Calendar Analysis
On Wednesday, note the German Consumer Price Index data and the Final US Quarterly GDP data. These data releases might cause minor reactions on the chart.
Later on the same day, at 13:00 GMT, the heads of the ECB, Bank of England and the Fed are set to speak at a panel titled "Policy Panel."
EUR/USD hourly chart's review
In general, previous forecasts remained unchanged. A move above 1.0600/1.0607 could encounter resistance in the weekly R1 simple pivot point at 1.0616. Higher above, note the 1.0650 mark and the weekly R2 simple pivot point at 1.0679.On the other hand, a decline of the Euro against the US Dollar could find support in the 1.0570 level and the 50-hour simple moving average. Below these levels, note the ascending support line and the 100-hour simple moving average near 1.0560. Further below, the weekly simple pivot point at 1.0542 and the 200-hour SMA might act as support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair is facing additional resistance in the form of the 50-day simple moving average near 1.0600.Higher above, note the upper trend line of the descending channel pattern, which has guided the rate down since the start of 2022.
Daily chart
Read More: Technical Analysis
Traders are bullish
On the Swiss Foreign Exchange, on Monday, trader open positions were bullish, as 61% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to buy the Euro against the USD.
On Tuesday, trader positions were 59% long and pending orders were 51% to buy.