The currency pair breached the 55-, 100– and 200– hour SMAs during Thursday's trading session.
Economic Calendar Analysis
Notable events for this week have ended. Expect an update to the calendar section with the next week's event reviews soon.
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 next target for bullish traders will be near the 1.2240 area.However, the currency exchange rate could reverse from the current price level at 1.2188 and target the 1.2140 level in this 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 currency exchange rate is continuing to trade above the support level at 1.2150 within this week.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
Short positions are intact
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 52% to buy the pair.