Future forecasts were based upon, which of the mentioned levels fails to hold.
Economic Calendar Analysis
On Tuesday, at 12:30 GMT expect the US Retail Sales and Core Retail Sales data. This publication could cause a move on the EUR/USD from 6.0 to 15.3 base points, as it has done since October 16, 2020.
On Wednesday, the US Federal Reserve is set to publish a FOMC Statement at 18:00 GMT and announce the Federal Funds Rate. This event is bound to set the tone for the whole global monetary policy. The EUR/USD has moved from 10.8 to 36.2 base points since November 5, 2020 on the announcement.
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 near term future, the rate could be pushed through the support of the 1.1910/1.1915 zone by the resistance of the 55 and 100-hour simple moving averages. The SMAs began to provide resistance to the pair on Tuesday morning. In the case of the rate declining, it would have no technical support as low as the weekly S1 simple pivot point at 1.1865.On the other hand, if the SMAs fail, the rate would most likely test the first resistance of the 1.1940 level and afterwards the 1.1960 mark. Both of these levels had provided resistance to the rate during Friday's trading.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the pair has reached the support of the 200-day simple moving average, which might have been one of the causes of the recent EUR/USD recovery. The SMA pushes the rate up to the 23.60% Fibonacci retracement level at the 1.2000 mark.Meanwhile, take into account the resistance of the 55 and 100-day simple moving averages at 1.2109 and 1.2042.
Daily chart
Read More: Technical Analysis
Sentiment remains long
On Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 56% of open position volume was in long positions.
On Monday, 57% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 52% to sell the pair.