Economic Calendar Analysis
Next week, on Wednesday, all of the markets will move due to the release of the US Federal Reserve Federal Funds Rate at 18:00 GMT. The EUR/USD has moved 10.8 to 54.3 pips on the announcement since September 16.
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused EUR/USD moves only from 7.9 to 13.6 pips.
In addition, on Friday, the German Preliminary GDP could cause EUR moves. The EUR/USD has from 10.0 to 14.1 pips during the last three releases since July 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
The exchange rate is likely to continue to edge higher during the following trading session. The potential target for bullish traders will be near the 1.2180 level.However, the upper line of an ascending channel pattern near the 1.2140 area could provide resistance for the EUR/USD currency exchange rate in the shorter term.
Hourly Chart
EUR/USD daily chart's review
The EUR/USD met the forecast made by Dukascopy Analytics on Friday and broke the resistance of the 100-day simple moving average after testing it in the end of the last week. Since the SMA has failed to hold, there is no technical resistance for the rate on this chart.Due to that reason, on this chart look at the round exchange rate levels, which could impact the rate by providing both support and resistance. In adittion, take a look at the February high spike and the high level of 2021 January. These levels are at respectively, 1.2240 and 1.2350.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
Since Friday, on the Swiss Foreign Exchange trader open positions were short, as 60% of open position volume was in short positions.
On Monday, the situation had changed slightly, as 61% was short.
Trader set up pending orders in the 100-pip range around the pair were 51% to sell the pair on Monday.
Previously, the orders were 50% to buy and sell the pair.