Throughout Tuesday's trading hours, the currency exchange rate fluctuated between the psychological support of the 1.2100 level and the resistance of the 55 and 100-hour simple moving averages.
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
It is likely that the exchange rate could be pushed down by the 55– and 100-hour moving averages near 1.2125. In this case the rate could gain support from the weekly PP at 1.2075.If the given support level holds, a reversal north could follow and the currency pair could re-test the predetermined resistance. Otherwise, the pair could decline to the 200-hour SMA near 1.2040.
Hourly Chart
On the daily candle chart, on Tuesday 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, trader set up pending orders in the 100-pip range around the pair were 62% to buy the pair.