The EUR/USD has continued its decline, as by the middle of Tuesday's GMT trading hours, the currency exchange rate had declined below two SMAs and two pivot points.
In regards to the near term future, the rate had no technical support as low as the 1.0877 level.
Economic Calendar Analysis
This week, data can be ignored, as the fundamental background created by the coronavirus has made the historical data useless in regards to future move forecasting.
However, take a look at the list of previously notable events, as the markets will be looking at them to understand the impact of the virus.
EUR/USD hourly chart's review
The EUR/USD has passed the support of the 55 and 100-hour simple moving averages. In addition, the weekly and monthly simple pivot points near 1.0970 were passed. The rate has no technical support as low as the 200-hour SMA near 1.0880.In theory, the currency pair should decline to the simple moving average. However, the round price levels like the 1.0950 and 1.0900 are expected to provide psychological support. Namely, the pair pauses and sometimes even changes direction at round exchange rate levels.
Hourly Chart
On the daily candle chart, EUR/USD has reached the daily simple moving averages. It has removed its oversold pressure. Due to that reason it can now once again decline.
Daily chart
On Monday, 73% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions. By the middle of Tuesday's GMT trading hours, the sentiment was 71% short.
The sentiment had remained almost unchanged since March 20. Traders remained short despite the recovery of the EUR/USD that has been occurring since that day.
During the last two trading sessions, they were recovering some of their losses.