Economic Calendar Analysis
On Wednesday, the FOMC Meeting Minutes are set to be released at 19:00 GMT. Expect a minor move from 5.4 to 9.8 pips. Note that there was an anomaly of 23.2 pips in August.
On Thursday, at 13:30 GMT, the US Unemployment Claims could cause a minor move on USD pairs and assets. In addition, on the same day, at 15:00 GMT the US ISM Non-Manufacturing PMI results will be published.
The releases have caused moves, respectively, from 11.1 to 23.8 and 10.4 to 16.9 base points.
The week will end with the release of three US employment data sets. The releases will occur on Friday at 13:30 GMT. This event has caused moves from 15.7 to 28.9 pips since August.
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
It is likely that some upside potential could prevail in the market in the nearest future. Note that the exchange rate could face the resistance level—the weekly R2, located at 1.2365.If the predetermined resistance holds, the currency pair could bounce off to the support formed by the 55– and 100-hour SMAs, as well the weekly R1 near 1.2280. Otherwise, the pair could target the psychological level at 1.2400.
Hourly Chart
On the daily candle chart, the rate remains in the channel up pattern, which has been guiding the rate since the start of November.
The rate should continue its surge, as the resistance of the pattern was located near the 1.2450 mark.
Daily chart
Read More: Technical Analysis
Long sentiment grows
On Tuesday, on the Swiss Foreign Exchange trader open positions were bearish, as 68% of open position volume was in short positions.
By the middle of Wednesday's trading hours, the sentiment was 67% short.
Meanwhile, on Monday, trader set up pending orders in the 100-pip range around the pair were 67% to sell the pair.