The EUR/USD currency exchange rate remains above the 1.0830 level, which has kept the rate up since Friday. In the meantime, the pair is being pushed down by the 55-hour simple moving average.
In general, the SMA and the support level should be watched for hints at the pair's future direction. Namely, if the 1.0830 would get passed, the rate would decline further. On the other hand, in the case of the SMA failing, the 1.0870 could be reached.
Economic Calendar Analysis
During the week there is only one notable event that could impact the EUR/USD pair.
On Wednesday, the Federal Reserve will publish its FOMC Meeting Minutes at 19:00 GMT.
The week's data is available. Click on the link below to see the historical data tables with the reactions to the events.
Read More: 17.02-21.02 Event Historical Reactions
EUR/USD hourly chart's review
On Monday, the pair tested the resistance of the 55-hour simple moving average near 1.0850.If the pair passes the resistance level, it would have no technical resistance as high as 1.0870. Near that level three technical levels were located at.
On the other hand, the 55-hour SMA could push the rate into another test of the support of the 1.0830 level. If this level fails to provide support, the rate could reach for the 1.0800 level.
Hourly Chart
On the daily candle chart, the pair surpassed the support formed by the monthly S2 pivot point at 1.0872.
In the meantime, the rate has left the daily simple moving averages in the range from 1.1070 to 1.1120. It is a signal that the pair is oversold.
Daily chart
Read More: Technical Analysis
Swiss traders are neutral on EUR/USD
On Monday, 51% of open EUR/USD position volume on the Swiss Foreign Exchange was short.
Meanwhile, set up pending orders were also neutral, as 50% of orders in the 100-pip range were to sell and 50% were to buy.