At mid-day on Wednesday, the rate was testing the resistance of the 1.2100 mark, as it made attempts to pass it and reach the technical levels at 1.2125.
Economic Calendar Analysis
On Wednesday, the US ADP Non-Farm Employment Change at 13:15 GMT will be on the headlines. However, the market does not care, as since December 2 the rate has moved only 4.3 to 8.5 pips on the release.
On the same day, at 15:00 GMT the US ISM Non-Manufacturing PMI could cause a move from 8.3 to 16.9 pips.
On Friday, at 13:30 GMT the US will publish its monthly employment data. The release will consist of the Average Hourly Earnings, Non-farm Employment Change and Unemployment Rate. The EUR/USD has moved from 15.7 to 22.8 pips on the publication since October.
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
The support of the 1.2000 mark was enough for the EUR/USD to start a surge, which managed to pass the resistance of the 55-hour simple moving average and reach the 1.2100 mark. In the meantime, the 1.2100 level was strengthened by the 100-hour simple moving average.In the near term future, the rate was expected to test the resistance of the 1.2100 mark and the 100-hour simple moving average. If these levels fail to provide resistance, the pair could test the weekly pivot point at 1.2127 and the 200-hour simple moving average near 1.2125.
In the case of the 1.2100 mark holding, a decline would occur. Namely, the EUR/USD would test the support of the 55-hour simple moving average. If the SMA fails, the pair could once again test the support levels that were located from 1.2000 to 1.2020
Hourly Chart
On the daily candle chart, the pair has passed the support of the 100-day simple moving average, which caused the February surge. However, the rate found support in the 23.60% Fibonacci retracement level at 1.2000.
Daily chart
Read More: Technical Analysis
Traders remain slightly short
Since Tuesday, on the Swiss Foreign Exchange trader open positions were short, as 54% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 68% to sell the pair.