By the middle of the day's GMT trading hours, the price had recovered to the 55-hour simple moving average, which was located at the 1.2163 mark.
Economic Calendar Analysis
Most of notable events are expected from the United States. Namely, on Wednesday, January 27, the Federal Reserve is going to unveil its monetary policy plans by publishing the FOMC Statement at 19:00 GMT.
On Thursday, January 28, the US Advance GDP data is set to be released at 13:30 GMT. Also, the US Unemployment Claims data will be published at the same time.
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
At mid-day on Monday, the EUR/USD was trading between the resistance of the 55-hour simple moving average near 1.2160 and the support of the 100 and 200-hour SMAs and the weekly simple pivot point near 1.2140.In the case of the 55-hour SMA failing to provide resistance, the rate would once again test the resistance zone of 1.2180/1.2190.
On the other hand, the rate could pass the support of the two SMAs and the weekly simple pivot point at 1.2140. If the technical support levels fail, the rate could reach for the 1.2100 mark.
Hourly Chart
On the daily candle chart, the pair is heading upwards, supported by the 55-day moving average near 1.2080.
A likely target for a surge would be the January high level of 1.2350.
Daily chart
Read More: Technical Analysis
Swiss traders go short
On Friday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
On Monday, the sentiment was 57% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 55% to sell the pair.