By the middle of the day's European trading hours, the exchange rate was expected to look for support in the 1.2140 mark and the 55-hour simple moving average.
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
During Monday morning, the EUR/USD currency pair bounced off the resistance level at 1.2180.It is likely that the exchange rate could gain support from 55-hour moving average near 1.2140. Thus, some upside potential could prevail in the market. In this case the rate could target the 1.2220/1.2240 range.
In the meantime, if the predetermined resistance level holds, the currency pair could trade downwards in the short run. Note that the pair could gain support from the 100– and 200-hour SMAs, as well the weekly PP in the 1.2110 area.
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 remain neutral
Since 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 55% to buy the pair.
The orders were 54% to buy on Monday.