On December 27, the currency pair was trading above the support of the weekly simple pivot point and the 200-hour simple moving average at 1.1300. Meanwhile, the currency pair was ignoring the support and resistance of the 50 and 100-hour simple moving averages.
Economic Calendar Analysis
The week before New Year's has no notable scheduled events. Expect the review of the first week of 2022 to be published mid-day on January 4.
EUR/USD hourly chart's review
In the case that the rate passes below the support of the 200-hour simple moving average, the weekly simple pivot point and the 1.1300 mark, the last week's low levels and the weekly S1 simple pivot point could stop a decline at 1.1260. Further below, note the December low level zone below 1.1240.On the other hand, a potential surge of the Euro against the US Dollar would have to pass the resistance of the 1.1340 mark, prior to testing the December high levels near 1.1360. Higher above the rate, note the weekly R1 simple pivot point at 1.1368 and the late November high level at 1.1380.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has been going nowhere during the whole of December, as the rate appears to be bouncing around the 1.1300 mark.Meanwhile, note the approaching 50-day simple moving average. The SMA might provide resistance and cause another test of the support of the 1.1200 mark and the 38.20% Fibonacci retracement level.
Daily chart
Read More: Technical Analysis
Traders are long
On Monday, on the Swiss Foreign Exchange trader open positions were long, as 58% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to sell the Euro against the USD.