By the middle of the day's trading hours, the rate had retreated to the 100-hour simple moving average at the 1.2114 level.
Economic Calendar Analysis
This week, the top event for the EUR/USD is set to occur. On Thursday, at 12:45 GMT the ECB Main Refinancing Rate is scheduled to be published. In addition, at the same time the Monetary Policy Statement is set to be published.
However, note that the biggest EUR moves are expected to occur after the 13:30 ECB press conference. Usually, the journalist question part is the one, which reveals new information that impacts the markets.
Meanwhile, a minor reaction could occur on all USD pairs due to the US Unemployment Claims at 13:30 GMT.
On Friday, starting from 08:15 GMT the Markit Purchasing Managers Indices are set to be released for France, Germany and afterwards the Eurozone.
On the same day, at 14:45 GMT, the US PMIs will be published. The US publication has caused EUR/USD moves from 7.8 to 26.4 pips.
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 short term future depends on whether or not the support of the 55 and 100-hour simple moving averages provide support.In the case of the SMAs managing to hold, the pair could test the resistance of the 1.2140 level, the 200-hour simple moving average at 1.2150 and the 1.2160 mark.
On the other hand, if the pair declines below the two SMAs and the 1.2100 level's psychological support, the rate could test the Monday's low level at 1.2055. However, take a look at the daily candle chart. The low level was provided with support by a technical level of that chart.
Hourly Chart
On the daily candle chart, the rate reached the support of the 55-day simple moving average at the 1.2050 level. This SMA provided the rate with support in late November.
Most recently, the simple moving average caused the rate's recovery to the 1.2160 level. In the near term future, it could push the EUR/USD higher.
Daily chart
Read More: Technical Analysis
Swiss traders are neutral
On Wednesday, on the Swiss Foreign Exchange trader open positions were neutral, as 51% of open position volume was in long positions.
Since the middle of Monday's trading, the sentiment was balanced, as 50% of positions were long and short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the pair.