During the early hours of Wednesday's trading hours, the currency exchange rate found support in the 100-hour simple moving average near 1.2110.
Economic Calendar Analysis
The rate could move due to the US CPI on Wednesday at 12:30 GMT. The pair has moved from 8.7 to 27.5 pips on the release. Note that the lesser moves occurred, when the market forecast was hit.
On Friday, the US Retail Sales and Core Retail Sales at 12:30 GMT are bound to move the pair, as the release had moved the pair from 9.4 to 19.3 since December.
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EUR/USD hourly chart's review
In the near term future, the 100-hour SMA could push the EUR/USD into testing the 55-hour SMA near 1.2150. If the 55-hour SMA fails to provide resistance, the pair could reach for the 1.2175/1.2180 zone.On the other hand, a failure of the 100-hour SMA to cause a surge could result in the rate declining to the weekly simple pivot point at 1.2109 first. Afterwards, the 1.2100 mark and the 200-hour simple moving average could provide support.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate has passed the April high level. It can be observed that the next resistance for the rate on the chart is the February high level just below the 1.2250 mark.Daily chart
Read More: Technical Analysis
Traders set up buy orders
Since Monday, on the Swiss Foreign Exchange trader open positions were short, as 63% of open position volume was in short positions.
On Wednesday, 62% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 59% to buy the pair.
The orders were neutral on Tuesday.