Future forecasts were based upon whether the rate passes the resistance of the pivot point.
Economic Calendar Analysis
The EUR/USD could move due to the US Consumer Price Index data and the US Unemployment Claims.
The US Consumer Price Index and the Core Consumer Price Index will be published on Wednesday at 13:30 GMT. Since September, this publication has caused moves from 6.1 to 23.8 pips.
On Thursday, at 13:30 GMT the US weekly Unemployment Claims will be published. The EUR/USD has recently moved from 5.6 to 16.4 pips on the publications.
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
During Wednesday morning hours, the EUR/USD currency pair raised to the resistance level—the weekly R1 at 1.2140.If the predetermined level holds, the exchange rate could bounce off and trade downwards in the short run. Note that the rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2040/1.2080 range.
If the given resistance level does not hold, the currency pair could continue to extend gains. In this case the pair would have to exceed the resistance level at the 1.2180 mark.
Hourly Chart
On the daily candle chart, the pair is testing the resistance of the 55-day simple moving average, which was located just below the 1.2140 level.
In the meantime, the recent January and February low levels were connected to reveal a supporting trend line. In addition, if one puts a parallel line at the 2021 high, a channel down pattern can be observed. The upper trend line of the channel was strengthening the 1.2150 level.
Daily chart
Read More: Technical Analysis
Traders are neutral
On Wednesday, on the Swiss Foreign Exchange trader open positions were neutral, as 51% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 70% to sell the pair.