Economic Calendar Analysis
The rate could move due to the FOMC Meeting Minutes on Wednesday at 18:00 GMT. The pair has moved from 6.2 to 10.2 pips on the release.
On Friday, the French Flash Services PMI and Flash Manufacturing PMI at 07:15 GMT are bound to move the pair, as the release had moved the pair from 9.0 till 15.0 since December.
The German Flash Services PMI and Flash Manufacturing PMI are set to come out right after at 07:30 GMT. The EUR/USD currency exchange has moved from 6.8 till 41.5 during the last five months.
Later on that day, the Euro Zone Flash Services PMI and Flash Manufacturing PMI will be released. The pair has moved from 4.2 till 13.0 since January.
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
In the near term future, the rate could pass the 1.2170 level and make an attempt to pass the 1.2175/1.2180 zone, which kept the rate down in early May. In the case of the zone being passed, the pair could reach the 1.2200 mark.On the other hand, a potential decline would look for support in the 1.2126 level, where the weekly simple pivot point was located at. In addition, note the support of the 55, 100 and 200-hour simple moving averages from 1.2115 to 1.2100.
Hourly Chart
EUR/USD daily chart's review
On Friday, the rate has passed the April high level. It can be observed that the next resistance for the rate on the chart is the February high level just below the 1.2250 mark.In the meantime, it was spotted that the 100-day simple moving average was strengthening the support of the 1.2050. However, its impact is questionable due to the SMA failing to impact the rate since the middle of April.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 62% of open position volume was in short positions.
In the meantime, since Friday trader set up pending orders in the 100-pip range around the pair were 51% to sell the pair.