During the early Thursday's trading hours, the rate started a recovery, which could encounter resistance in the weekly simple pivot point at 1.2109, the 55-hour simple moving average and the 100-hour simple moving average near 1.2120/1.2130.
Economic Calendar Analysis
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 9.4 to 19.3 since December.
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EUR/USD hourly chart's review
In the case of the rate passing the resistance of the weekly simple pivot point and the 55 and 100-hour simple moving averages, the EUR/USD could return to testing the resistance of the 1.2175/1.2180 zone.On the other hand, a potential decline would test the 1.2053/1.2070 zone's support and afterwards the weekly S1 simple pivot point at 1.2047.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate has passed the April high level. It can be observed that the next resistance for the rate on the chart is the February high level just below the 1.2250 mark.Daily chart
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Traders have set up buy orders
Since Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 62% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 61% to buy the pair.