The exchange rate bounced between the 55– hour SMA at 1.2170 and the 200– hour moving average at 1.2185 on Tuesday.
Economic Calendar Analysis
On Thursday, the ECB Main Refinancing Rate and Monetary Policy Statement are set to be published. This event has moved the EUR/USD from 3.8 to 30.6 base points.
However, take into account that the initial reaction is usually muted to the Euro's central bank. Most volatility occurs during the ECB Press Conference's question part. The statement release is set for 11:45 GMT, and the Press Conference starts at 12:30 GMT.
Just as the ECB Press Conference starts, the US Consumer Price Index, US Core Consumer Price Index and the US Unemployment Claims are set to be released exactly at 12:30 GMT. Most likely, all USD asset and pair moves from 12:30 to 12:35 could be attributed to these data sets.
The rate has moved from 8.7 to 51.9 pips during the release of the CPI since January 2021, and 5.9 to 19.4 pips on the release of the US Unemployment claims since May 6.
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 Eurozone currency could edge higher against the US Dollar during the following trading session. Buyers are likely to target a resistance level at 1.2220.However, the 200– hour simple moving average at 1.2185 could provide resistance for the EUR/USD currency exchange rate within the following trading session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed the support line of the large scale channel up pattern, which guided the rate up since April.The rate could look for support in the daily simple moving averages, which are located in the range from 1.2040 to 1.1980.
Daily chart
Read More: Technical Analysis
Pending orders increase
Since Tuesday, on the Swiss Foreign Exchange trader open positions have been short, as 58% 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 sell the pair.
On Tuesday, pending orders were 57% to sell.