The currency pair fell below the 55-, 100 and 200– hour SMAs during Wednesday's trading session.
Economic Calendar Analysis
On Thursday, the ECB Main Refinancing Rate and Monetary Policy Statement are set to be published. This event has moved the EUR/USD from 3.8 to 30.6 base points.
However, take into account that the initial reaction is usually muted to the Euro's central bank. Most volatility occurs during the ECB Press Conference's question part. The statement release is set for 11:45 GMT, and the Press Conference starts at 12:30 GMT.
Just as the ECB Press Conference starts, the US Consumer Price Index, US Core Consumer Price Index and the US Unemployment Claims are set to be released exactly at 12:30 GMT. Most likely, all USD asset and pair moves from 12:30 to 12:35 could be attributed to these data sets.
The rate has moved from 8.7 to 51.9 pips during the release of the CPI since January 2021, and 5.9 to 19.4 pips on the release of the US Unemployment claims since May 6.
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 lower during the following trading session. The potential target for the EUR/USD pair will be near the weekly support level at 1.2097.However, bearish traders could encounter support at 1.2145 during Thursday's trading session.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed the support line of the large scale channel up pattern, which guided the rate up since April.The rate could look for support in the daily simple moving averages, which are located in the range from 1.2040 to 1.1980.
Daily chart
Read More: Technical Analysis
Short positions are intact
Since Tuesday, on the Swiss Foreign Exchange trader open positions have been short, as 58% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the pair.
On Wednesday, pending orders were 58% to sell.