In the meantime, the rate was approached by the support of the 55-hour simple moving average. The SMA could provide the needed technical support for the rate to pass the pivot points resistance.
Economic Calendar Analysis
On Thursday, at 13:30 GMT the US weekly Unemployment Claims will be published. The EUR/USD has recently moved from 5.6 to 16.4 pips on the publications.
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
Since Wednesday, the EUR/USD currency pair has been testing the resistance level—the weekly R1 at 1.2140.If the given resistance level holds, the exchange rate could bounce off and trade downwards in the short run. Note that the rate could gain support from the 100– and 200-hour SMAs, as well the weekly PP in the 1.2047/1.2080 range.
In the meantime, note that the currency pair could gain support from the 55-hour moving average near 1.2120. Thus, some upside potential could prevail in the market, and the pair could try to surpass the 1.2180 mark.
Hourly Chart
On the daily candle chart, the pair is testing the resistance of the 55-day simple moving average, which was located just below the 1.2140 level.
In the meantime, the recent January and February low levels were connected to reveal a supporting trend line. In addition, if one puts a parallel line at the 2021 high, a channel down pattern can be observed. The upper trend line of the channel was strengthening the 1.2150 level.
Daily chart
Read More: Technical Analysis
Traders go short
On Wednesday, on the Swiss Foreign Exchange trader open positions were neutral, as 51% of open position volume was in short positions.
By the middle of Thursday's GMT trading hours, the sentiment was 54% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 68% to sell the pair.