Economic Calendar Analysis
Next week, on Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The EUR/USD has moved 10.8 to 54.3 pips on the announcement since September 16.
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused EUR/USD move sonly from 7.9 to 13.6 pips.
In addition, on Friday, the German Preliminary GDP could cause EUR moves. The EUR/USD has from 10.0 to 14.1 pips during the last three releases since July 2020.
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 near term future, if the pair passes the resistance of the weekly S2 at the 1.2075 level, the rate could find resistance in 1.2080. If the 1.2080 level does not hold, the 1.2100 could be reached.On the other hand, a decline would most likely look for support in the 55 and 100-hour simple moving average and the weekly R1 simple pivot point near 1.2030. If the 1.2030 support fails, the 200-hour SMA and the 1.2000 mark could reverse a decline.
Hourly Chart
EUR/USD daily chart's review
On Friday, the EUR/USD was still testing the resistance of the 100-day simple moving average, as it managed to pierce it for short term. If the SMA fails to hold, there will be no technical resistance for the rate on this chart.Due to that reason, on this chart look at the round exchange rate levels, which could impact the rate by providing both support and resistance. In adittion, take a look at the February high spike and the high level of 2021 January. These levels are at respectively, 1.2240 and 1.2350.
Daily chart
Read More: Technical Analysis
Short sentiment is intact
Since Monday, on the Swiss Foreign Exchange trader open positions were short, as 59% of open position volume was in short positions.
On Friday, the situation had changed slightly, as 60% were short.
On Friday, trader set up pending orders in the 100-pip range around the pair were 50% to buy and sell the pair.
Previously, the orders were 59% to buy. Traders had removed these orders.