Future short term forecasts were based upon whether the 1.2000 mark provides support.
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 resistance of the 1.2100 level held, as the currency exchange rate bounce off it and began a decline. By the middle of Thursday's trading, the rate's decline was heading down to the 1.2000 level. The rate was expected to reach this level, as the support zone near 1.2020 and the weekly S1 simple pivot point at 1.2011 did not manage to stop the rate's decline on Monday.In the case of the 1.2000 providing enough support for the pair to recover, it could once again test the resistance of the 1.2100 level. However, note the resistance of the 55 and 100-hour simple moving averages at 1.2060 and 1.2070.
On the other hand, if the 1.2000 fails to hold, the pair would have no technical resistance as low as the weekly S2 simple pivot point at 1.1946. In addition, the 1.1950 mark could provide psychological support.
Hourly Chart
On the daily candle chart, the pair pierced 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 become neutral
Since Tuesday, on the Swiss Foreign Exchange trader open positions were short, as 54% of open position volume was in short positions.
On Thursday, traders became neutral, as 52% of volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 62% to buy the pair.
The orders were 68% to sell on Wednesday.