However, the rate began a retracement down in the aftermath. Potential support could be provided by the 1.2200 mark and the weekly R1 simple pivot point at 1.2201.
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
If the rate passes the support of the 1.2200 level, the pair could reach the 55-hour simple moving average at 1.2185 and afterwards the previous May high level zone at 1.2175/1.2180.On the other hand, if the 1.2200 level holds, the rate would most likely surge and aim at the resistance of the 1.2245 level, the 1.2250 mark and the weekly R2 at 1.2257.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has reached the February high just below the 1.2250 level. If this level gets passed, the 2021 high near 1.2350 could be targeted.In the meantime, the rate remains in a channel up pattern, which has guided the rate up since the start of April.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Tuesday, on the Swiss Foreign Exchange trader open positions were short, as 64% of open position volume was in short positions.
On Wednesday, trader set up pending orders in the 100-pip range around the pair were 58% to sell the pair.