By the middle of Thursday's European trading hours, the rate had reached above the resistance of the 55 and 100-hour simple moving averages. In the near term future, the pair could reach the resistance of the weekly simple pivot point and the 200-hour simple moving average near 1.2060.
Economic Calendar Analysis
The EUR/USD could move this week due to the Friday's release of US employment data. At 12:30 GMT, expect the publication of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate. The EUR/USD has moved from 18.8 to 45.7 pips on the announcement since December 2020.
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 rate passes the resistance levels at 1.2060, the rate would reach for the 1.2100 mark and afterwards the weekly R1 simple pivot point at 1.2109.On the other hand, a failure to break resistance at 1.2060 could result in a decline to the support zone of 1.2000/1.1985.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate passed the support of the 100-day simple moving average, which supported the rate in its test of the 1.2150 mark. During Wednesday's trading, the rate was testing the support of the 23.60% Fibonacci retracement level at the 1.2000 mark.In the near term future, the pair could pass the mentioned support and decline to the combined support of the 55 and 200-day simple moving averages near 1.1950.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 59% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell the pair.