By the middle of Thursday's GMT trading hours, the rate was heading to the resistance of the 1.2250 mark, which was strengthened by the weekly R2 simple pivot point.
Economic Calendar Analysis
During the week, only the US Preliminary GDP on Thursday at 13:30 GMT is expected to cause a notable move. The EUR/USD has moved from 6.3 to 15.1 pips on the announcements since November 2019.
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
It is likely that the exchange rate could face the resistance level—the weekly R2 at 1.2251 in the nearest future. If the predetermined level holds, the rate could bounce off and decline to the support area formed by the 55-, 100– and 200-hour SMAs in the 1.2120/1.2160 range.Otherwise, the European Common Currency could continue to appreciate against the US Dollar. In this case the currency pair could target the 1.2280/1.2300 area within the following trading session.
Hourly Chart
On the daily candle chart, the rate has broken free from the resistance of the 55-day simple moving average. Moreover, the pair passed the late January high level at 1.2200. This level caused the rate's January 20/February 5 decline.
In the meantime, a minor channel up pattern was spotted on the chart. It has guided the rate up since the start of February. The pattern was still intact at mid-day on Thursday.
Daily chart
Read More: Technical Analysis
Traders remain short
On Thursday, on the Swiss Foreign Exchange trader open positions were short, as 62% of open position volume was in short positions.
During Wednesday's European trading, the sentiment was 60% short.
Meanwhile, since Tuesday, trader set up pending orders in the 100-pip range around the pair were 55% to buy the pair.