In the near term future, the rate was expected to approach the rate and provide additional resistance, which could push the pair down.
Economic Calendar Analysis
On Wednesday, the US ISM Non-Manufacturing PMI could cause a move from 10.4 to 16.9 pips.
Thursday will bring the usual weekly US Unemployment Claims at 13:30 GMT. The data has caused moves from 6.2 to 16.4 pips.
The week will end with the US monthly employment data sets at 13:30 GMT. Namely, the US Average Hourly Earnings, Unemployment Rate and Non-farm Employment Change will be published. The EUR/USD has moved 15.7 to 28.9 pips since September.
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 unlikely that some upside potential could prevail in the market due to the resistance area formed by the 55– and 100-hour moving averages, as well the weekly S1 in the 1.2060/1.2090 range. Thus, the exchange rate could trade downwards.In the meantime, note that the rate could gain support from the weekly S2 at 1.2002. Thus, the rate could consolidate in the short run. Otherwise, the pair could target the weekly S3 at 1.1946.
Hourly Chart
On the daily candle chart, on Wednesday, the previously passed support of January and February at 1.2050 began to provide resistance.
In regards to the near term future, the pair could look for support in the 1.2000 level, which was strengthened by a 23.60% Fibonacci retracement level. In addition, the support of the 100-day simple moving average was approaching the rate near 1.1960.
Daily chart
Read More: Technical Analysis
Traders remain neutral
Since Tuesday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 69% to buy the pair.