By the middle of Tuesday's trading hours, the pair had reached the combined resistance of the 100-hour simple moving average and the resistance of the June 7 and 10 low levels near 1.2150.
Economic Calendar Analysis
On Tuesday, at 12:30 GMT, the US Retail Sales and US Producers Price Indices are expected to be released. The Retail Sales have caused moves from 9.4 to 19.3 pips since January. The PPI has moved the EUR/USD from 9.4 to 19.4 pips during this year.
On Wednesday, the top event of the week would occur. At 18:00 GMT, the US Federal Funds Rate and Fed Statement could cause a move from 10.8 to 54.3, as it had done since November 2020.
On Thursday, the US Unemployment Claims could cause a move from 5.9 to 28.8 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
In the case that the resistance levels near 1.2150 hold, the pair could retreat to the support zone of the June low levels in the 1.2095/1.2105 zone. Afterwards, the weekly S1 simple pivot point at 1.2062 could be reached.On the other hand, a potential surge above 1.2150 would immediately face the resistance of the 200-hour simple moving average at 1.2157. Above the SMA, the weekly R1 simple pivot point at 1.2188 could provide resistance.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate appears to be heading to the support of the 55 and 100-day simple moving averages. In the meantime, the pair is fluctuating in the borders of a channel down pattern.Moreover, note that the rate is finding support in the 1.2100 level.
Daily chart
Read More: Technical Analysis
Traders are short
On Monday, on the Swiss Foreign Exchange trader open positions were short, as 56% of open position volume was in short positions.
On Tuesday, 57% of volume was short.
On Tuesday, trader set up pending orders in the 100-pip range around the pair were 60% to buy the pair.