On Tuesday, the currency exchange rate fluctuated below the resistance of the 1.1880 level and the support of the weekly simple pivot point at 1.1852.
Economic Calendar Analysis
This week, on Tuesday, at 12:30 GMT the US Consumer Price Index is bound to cause USD volatility, which could impact the EUR/USD.
Afterwards, on Wednesday, at 12:30 GMT, the US Producer Price Index is set to reveal more information about inflation in the United States.
On Friday, the release of the US Retail Sales data at 12:30 GMT could also cause an increase of volatility.
EUR/USD hourly chart's review
In the case that the rate passes the resistance of the 1.1880 level, the EUR/USD could reach for the 1.1900 mark and afterwards the weekly R1 simple pivot point at 1.1923.On the other hand, a potential decline would look for support in the weekly simple pivot point at 1.1852 and the 100- and 200-hour simple moving averages.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has breached the support zone that surrounds the 1.1850 mark. In theory, the March low level near 1.1700 could be reached.Meanwhile, a potential recovery would have no technical resistance as high as the 1.2000 level, where a 23.60% Fibonacci retracement level is located together with the 100 and 200-day simple moving averages.
Daily chart
Read More: Technical Analysis
Traders are long on EUR/USD
Since Monday, on the Swiss Foreign Exchange traders open positions were long, as 61% of open position volume was in long positions.
On Friday, the open position volume was 59% long.
On Tuesday, trader set up pending orders in the 100-pip range around the pair were 57% to sell the pair and 43% to buy the EUR/USD.