The near term future, was dependant on what would happen at the round exchange rate level.
Economic Calendar Analysis
On Thursday, at 13:30 GMT, the US Jobless Claims could cause a minor move on all USD pairs and assets that are traded in US Dollars.
EUR/USD hourly chart's review
On Monday, the EUR/USD broke the resistance of the descending trend line, which kept the rate down since December 17. However, the following break out up was stopped by the resistance of the high level of December 21 and 22. By the start of Monday's US trading hours, the currency exchange rate had retraced to the support of the hourly simple moving averages and the weekly simple pivot point.In regards to the near term future, the rate was expected to once again test the previous high level at 1.2250. If this level gets passed, the pair would aim at the weekly R1 simple pivot point at 1.2262.
On the other hand, if the rate fails to pass the 1.2250 level, it should trade sideways until the hourly simple moving averages approach the rate and push it higher.
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 zone that kept the rate down in the first half of December.
Daily chart
Read More: Technical Analysis
Traders are short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were bearish, as 60% of open position volume was in short positions.
Meanwhile, on Monday, trader set up pending orders in the 100-pip range around the pair were 52% to sell the pair.