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
The EUR/USD exchange rate is likely to continue to edge higher during the following trading session. The potential target for bullish traders could be near the 1.2120 level.However, the resistance level at 1.2093 could still provide resistance for the currency exchange rate within this session.
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 it earlier this week, finding support at the 1.2072 level.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
Traders remain short
On Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 61% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 58% to buy the pair on Wednesday.
Previously, the orders were 59% to buy the pair.