By the middle of the day's European trading hours, the rate had begun to trade between the 1.2110 level and the support of the 200-hour simple moving average near 1.2085.
Economic Calendar Analysis
On Thursday, at 12:45 GMT the ECB is set to publish its monetary policy statement. The ECB is bound to reveal their monetary stimulus measures. The EUR/USD has moved from 7.2 to 60.0 pips on the announcement.
On the same day, the US CPI data sets and the Unemployment Claims are set to be published at 13:30 GMT. The Unemployment Claims have recently caused EUR/USD moves from 6.2 to 14.5 pips. In the meantime, the CPI has caused moves from 5.4 to 12.4 pips.
The week is set to end with the US Producers Price Index, which has caused moves from 6.9 to 48.9 pips. Although, note that without the 48.9 pip release, the range of moves is from 6.9 to 12.2 base points.
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
It is likely that some downside potential could prevail in the market, as the exchange rate is pressured by the 55– and 100-hour SMAs in the 1.2110 area. The rate could target the weekly S1 at 1.1972.Meanwhile, note that the currency pair could gain support from the weekly PP and the 200-hour SMA in the 1.2080 area. Thus, the pair could trade upwards in the short term. A possible upside target is the 1.2140/1.2160 range.
Hourly Chart
On the daily candle chart, the rate has passed the support of the 2017 low level of 1.2100. This level provided the pair with support from December 3.
In the meantime, note that the 2018 high level of 1.2528 is marked on the chart.
Daily chart
Read More: Technical Analysis
Open positions don't change
Since Monday, on the Swiss Foreign Exchange trader open positions were bearish, as 62% of open position volume was in short positions.
Meanwhile, since Tuesday, trader set up pending orders in the 100-pip range around the pair were 62% to buy the pair.
The orders slightly changed on Thursday, as 64% of orders in that range were to buy.