In the near term future, the rate was expected to look for support in the 1.2080 mark, which proided resistance on December 2, and the weekly simple pivot point at the 1.2075 level.
Economic Calendar Analysis
There are couple events that could affect the EUR/USD currency pair.
On Thursday, at 12:45 GMT the ECB is set to publish its monetary policy statement. The ECB is bound to reveal their monetary stimulus measures. The EUR/USD has moved from 7.2 to 60.0 pips on the announcement.
On the same day, the US CPI data sets and the Unemployment Claims are set to be published at 13:30 GMT. The Unemployment Claims have recently caused EUR/USD moves from 6.2 to 14.5 pips. In the meantime, the CPI has caused moves from 5.4 to 12.4 pips.
The week is set to end with the US Producers Price Index, which has caused moves from 6.9 to 48.9 pips. Although, note that without the 48.9 pip release, the range of moves is from 6.9 to 12.2 base points.
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
On Monday morning, the rate found resistance in the 55-hour SMA, which caused a decline. By 10:00 GMT, the rate had passed the support of the 1.2100 mark and the 100-hour simple moving average.In the near term future, the pair was set to test the support of the 1.2080 mark and the weekly simple pivot points. In the case of these levels holding, the rate might test the resistance of the 1.2100 mark and afterwards, the 55-hour SMA.
On the other hand, if the rate passes the support levels of the 1.2080 mark and the pivot point at 1.2075, in theory the pair should decline to the support of the 200-hour simple moving average, which was located near 1.2015.
Hourly Chart
On the daily candle chart, the rate remains overbought, as the closest by daily simple moving average were located at the 1.1800 mark. At that level the 55- and 100-day SMAs were moving sideways.
In the meantime, note that the 2018 high level of 1.2528 is marked on the chart.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 61% of open position volume was in short positions.
On Monday, the sentiment was 62% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 74% to buy the pair.