By the middle of Thursday's trading, the EUR/USD had been pushed up by the SMA to the resistance of the 1.2200 mark. The 1.2200 level was being strengthened by the resistance of the weekly R1 simple pivot point and the 55-hour simple moving average.
Economic Calendar Analysis
On Friday, the French Flash Services PMI and Flash Manufacturing PMI at 07:15 GMT are bound to move the pair, as the release had moved the pair from 9.0 till 15.0 since December.
The German Flash Services PMI and Flash Manufacturing PMI are set to come out right after at 07:30 GMT. The EUR/USD currency exchange has moved from 6.8 till 41.5 during the last five months.
Later on that day, the Euro Zone Flash Services PMI and Flash Manufacturing PMI will be released. The pair has moved from 4.2 till 13.0 since January.
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, the pair could pass the resistance levels near the 1.2200 mark. In this case scenario the rate could test the resistance of the 1.2240 level.On the other hand, a potential passing of the support of the 100-hour simple moving average near 1.2180 could result in a decline to the 1.2150 level. Note that the 1.2150 level was supported by the 200-hour simple moving average.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has reached the February high just below the 1.2250 level. If this level gets passed, the 2021 high near 1.2350 could be targeted.In the meantime, the rate remains in a channel up pattern, which has guided the rate up since the start of April.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Tuesday, on the Swiss Foreign Exchange trader open positions were short, as 64% of open position volume was in short positions.
On Thursday, 65% of volume was short.
On Thursday, trader set up pending orders in the 100-pip range around the pair were 57% to sell the pair.