On Wednesday morning, the currency exchange rate had already touched the 1.1870 mark.
Economic Calendar Analysis
Data releases start on Thursday. On that day the weekly US Unemployment Claims will be out at 12:30 GMT. The EUR/USD has moved from 7.4 to 11.3 pips on the announcement.
On Friday, starting from 07:15 GMT, the Markit Institute will be releasing Flash Services and Manufacturing Purchasing Managers Indices.
The biggest move is most likely going to occur on the release of the French and German PMIs at 07:15 GMT and 07:30 GMT.
The French PMIs have been causing moves from 10.00 to 30.5 pips. Meanwhile, German PMIs cause moves from 11.3 to 17.5 pips.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
From the one hand, it is likely that some upside potential could prevail in the market. In this case the exchange rate could exceed the 1.1900 level in the nearest future.Meanwhile, note that the rate would have to exceed the weekly R2 at 1.1884. If the given resistance holds, a reversal south could occur, and the currency pair could decline to the weekly R1 at 1.1803.
Hourly Chart
On the daily candle chart, the rate has passed the resistance of the 55-day simple moving average and left it behind at 1.1800.
Daily chart
Read More: Technical Analysis
Short sentiment changes
Since Monday, on the Swiss Foreign Exchange trader open positions were bearish, as 56% of open position volume was in short positions.
On Wednesday, the sentiment changed, as 58% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 63% to sell the pair.