Economic Calendar Analysis
On Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The EUR/USD has moved 10.8 to 54.3 pips on the announcement since September 16.
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused EUR/USD moves only from 7.9 to 13.6 pips.
In addition, on Friday, the German Preliminary GDP could cause EUR moves. The EUR/USD has from 10.0 to 14.1 pips during the last three releases 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
All things being equal, the exchange rate could continue to edge lower during the following trading session. The potential target for sellers will be near the 1.2000 level.However, the 55– hour SMA at 1.2075 could still provide support for the EUR/USD currency exchange rate today.
Hourly Chart
EUR/USD daily chart's review
The EUR/USD currency exchange rate is continuing to trade above the 100-day simple moving average after breaking earlier this week.In the near term future, the rate could find support in the 100-day SMA.
On the daily candle chart, look at the round exchange rate levels, which could impact the rate by providing both support and resistance. In adittion, take a look at the February high spike and the high level of 2021 January. These levels are at respectively, 1.2240 and 1.2350.
Daily chart
Read More: Technical Analysis
Buy orders increase
On Monday, on the Swiss Foreign Exchange trader open positions were short, as 61% of open position volume was in short positions.
On Tuesday, the situation has slightly changed, as 60% was short.
Trader set up pending orders in the 100-pip range around the pair were 59% to buy the pair on Tuesday.
Previously, the orders were 51% to sell the pair.