By the middle of the day's European trading hours, the rate was once again approaching the support of the 1.2100 mark.
Economic Calendar Analysis
There are couple events that could affect the EUR/USD currency pair.
On Thursday, at 12:45 GMT the ECB is set to publish its monetary policy statement. The ECB is bound to reveal their monetary stimulus measures. The EUR/USD has moved from 7.2 to 60.0 pips on the announcement.
On the same day, the US CPI data sets and the Unemployment Claims are set to be published at 13:30 GMT. The Unemployment Claims have recently caused EUR/USD moves from 6.2 to 14.5 pips. In the meantime, the CPI has caused moves from 5.4 to 12.4 pips.
The week is set to end with the US Producers Price Index, which has caused moves from 6.9 to 48.9 pips. Although, note that without the 48.9 pip release, the range of moves is from 6.9 to 12.2 base points.
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
At mid-day on Wednesday, the rate was expected to test the support of the 1.2100 mark.In the case of this level failing to hold, the currency exchange rate would aim at the support of the 1.2080 level, the weekly simple pivot point at 1.2075 and the 200-hour simple moving average at 1.2070.
On the other hand, if the 1.2100 level holds, the rate could make another attempt to pass the 1.2150 mark. In this case, note that the 55 and 100-hour SMAs could provide short term resistance. However, as they were broken previously, they are unlikely going to reverse the rate's direction.
Hourly Chart
On the daily candle chart, since Monday the 2017 high level of 1.2100 began to provide support to the currency exchange rate.
In the meantime, note that the 2018 high level of 1.2528 is marked on the chart.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Monday, on the Swiss Foreign Exchange trader open positions were bearish, as 62% of open position volume was in short positions.
Meanwhile, since Tuesday, trader set up pending orders in the 100-pip range around the pair were 62% to buy the pair.