In the near term future, the rate was expected to get squeezed in between the 55 and 100-hour simple moving averages.
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 of the rate passing the resistance of the 100-hour simple moving average, the rate could find resistance in the weekly simple pivot point at 1.2140. Afterwards, the Tuesday high level and the 200-hour simple moving average might provide resistance near the 1.2150 mark. If these levels fail to hold, the rate could reach for the weekly R1 simple pivot point at 1.2188.On the other hand, a potential decline below the 55-hour simple moving average at 1.2120 could aim at the support zone that surrounds the 1.2100 mark. Below the 1.2100 level, the pair could find support in the weekly S1 simple moving average.
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 Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 55% of open position volume was in short positions. On Tuesday, 57% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to buy the pair. On Tuesday, 60% were to buy.