Near term forecasts were based upon whether or not the price manages to pass the 1.2140 mark.
Economic Calendar Analysis
During the week, only the US Preliminary GDP on Thursday at 13:30 GMT is expected to cause a notable move. The EUR/USD has moved from 6.3 to 15.1 pips on the announcements since November 2019.
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 Friday, the EUR/USD currency pair failed to exceed the psychological level at 1.2140.It is likely that some upside potential could prevail in the market, as the exchange rate could gain support from the 55-, 100– and 200-hour moving averages, as well the weekly PP in the 1.2100 area.
Note that the rate could face the resistance level at 1.2180. If the predetermined level holds, the pair could bounce off. Otherwise, the rate could exceed the weekly R1 at 1.2186.
Hourly Chart
On the daily candle chart, the rate has broken out of the borders of the 2021 channel down pattern. However, resistance was still provided by the 55-day simple moving average, which was strengthening the 1.2140 mark.
In the case of the rate breaking the SMA, it could test the late January high level at 1.2200. This level caused the rate's January 20/February 5 decline.
Meanwhile, take into account that there is additional support on the daily candle chart at the 1.2000 mark. Namely, a 23.60% Fibonacci retracement level and the 100-day simple moving average were strengthening this level.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Monday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 54% to buy the pair.
The orders were 74% to sell on Friday.