In the near term future, the rate was expected to reach the 1.2000 mark and test its resistance.
Economic Calendar Analysis
On Thursday, the US Retail Sales and Core Retail Sales are also bound to influence the value of the US Dollar. The rate has moved from 9.4 to 15.3 pips on the release.
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
If the pair passes the 1.2000 mark, the pair could reach for the weekly R2 simple pivot point at 1.2046.On the other hand, a holding out of the 1.2000 could result in the pair trading sideways until the 55-hour simple moving average catches up from below and provides additional support.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has pierced the resistance of the 55-day simple moving average, which kept the rate down on Wednesday.In addition, note on the chart the resistance of the 23.60% Fibonacci retracement level at 1.2006. The retracement levels on the chart are measured from the 2018 high level to the 2017 low level.
Daily chart
Read More: Technical Analysis
Traders are short on EUR/USD
On Thursday, on the Swiss Foreign Exchange trader open positions were short, as 58% of open position volume was in short positions.
On Wednesday, 57% of volume was short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 71% to sell the pair.