At mid-day on Monday, the currency exchange rate's decline had reached the 1.2060 level.
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
From the one hand, it is likely that some downside potential could continue to prevail in the market. In this case the exchange rate could face the support level—the weekly S1 at 1.2025. If the given support holds, a reversal north could follow.From the other hand, the currency pair could bounce off the 1.2060 mark. Note that the pair would have to exceed the resistance area formed by the 55– and 100-hour SMAs, as well the weekly PP in the 1.2120/1.2146 range.
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.
By the middle of Monday's trading, the sentiment was balanced, as 50% of positions were long and short.
During Thursday's trading hours, the sentiment was 55% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 75% to buy the pair.