In regards to the near term future, the rate could bounce between the 1.2150 mark and the mentioned resistance line until next week or break one of them.
Economic Calendar Analysis
On Thursday, at 13:30 GMT, the US Durable Goods Orders and Core Durable Goods Orders data will be released. The EUR/USD has moved from 2.9 to 18.3 pips on the announcements since July.
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
In the future, the rate could continue to trade in waves up to the resistance line that has kept the rate down since December 17 and down to the support of the weekly S1 simple pivot point and the 1.2150 mark. However, note that just below the 1.2150 mark there is a support zone made up of previous week's low levels.In the meantime, note that if the resistance of the trend line would be broken, it would test previous high levels one after another until it reaches the resistance of the weekly R1 simple pivot point at 1.2316. Namely, the 1.2250, 1.2270 and the 1.2300 levels could provide resistance.
On the other hand, the currency exchange rate could pass the support of the weekly S1 simple pivot point at 1.2159. In this case support would be immediately provided by the 1.2150 mark. Afterwards, the 1.2130 and 1.2125 level could keep the rate from falling. If all of them fail, the weekly S2 at 1.2059 would be aimed at. However, the 1.2100 round exchange rate level might pause a drop.
Hourly Chart
On the daily candle chart, the rate remains in the channel up pattern. Most recently it has made a retracement back down to the support of the resistance zone that kept the rate down in the first half of December.
Daily chart
Read More: Technical Analysis
Traders are short
Since Monday, on the Swiss Foreign Exchange trader open positions were bearish, as 62% of open position volume was in short positions.
On Wednesday, the sentiment was 60% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 60% to buy the pair.