In the near term future, the pair was expected to reach for the 1.1950 level and the 100-hour simple moving average.
Economic Calendar Analysis
Notable data releases will start on Wednesday. On that day, the US Consumer Price Index data could cause a minor move on USD assets at 13:30 GMT. The EUR/USD has moved from 6.1 to 23.8 pips on the announcement.
On Thursday, the European Central Bank will make a rate statement at 12:45 GMT. However, the rate has not changed for years and years. Instead, read the Monetary Policy Statement that is published at the same time. It reveals, how much money the ECB is going to flood the market with. Depending on that the EUR supply and strength change. This event has caused moves from 3.8 to 30.6 pips since July 2020.
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
The decline of the EUR/USD eventually found support in the weekly S1 simple pivot point at 1.1838. By the middle of Tuesday's GMT trading hours, the currency pair had recovered and reached above the 1.1900 mark.In the case of the pair continuing the surge, the pair could test the resistance of the 1.1950 level, which should be strengthened by the 100-hour simple moving average. If those levels fail to provide resistance, next target would be the weekly simple pivot point at 1.1976.
On the other hand, the pair could pass the support of the 1.1900 level and the 55-hour simple moving average, which was located at 1.1895. If the rate declines, it should once again look for support in the weekly S1 simple pivot point at 1.1838.
Hourly Chart
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. If the SMA pushes the rate up, it could reach for the 23.60% Fibonacci retracement level at the 1.2000 mark.
On the other hand, if the 200-day SMA fails to push the rate up, it could aim at the 38.20% Fibonacci retracement level just below the 1.1700 level.
Daily chart
Read More: Technical Analysis
Traders remain bullish
On Tuesday, on the Swiss Foreign Exchange trader open positions were bullish, as 57% of open position volume was in long positions.
On Monday, 55% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to buy the pair.