In the near term future, it was expected that the pair could test the resistance of the 1.2080 mark.
Economic Calendar Analysis
On Thursday, the European Central Bank is set to make a rate statement and release its monetary policy statement. This event is set to reveal how the central bank would manage the supply of the Euro.
On Friday, all Euro pairs are set to be impacted by the monthly release of the Markit Purchasing Managers Indices. Starting from 07:15 GMT up to 08:00 GMT the French, German and Euro Zone PMIs are set to be released. The combined release of all the data had caused moves of up to 60 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
If the 1.2080 level and the weekly R2 fail to provide resistance, the rate could reach first for the 1.2100 level and afterwards the weekly R3 simple pivot point at 1.2156.On the other hand, a decline could look for support first in the mentioned weekly R1 simple pivot point and the 55-hour simple moving averages. If these levels fail to keep the rate up, the 1.2000 mark could be reached. Note that the 1.2000 level was strengthened by the 100-hour SMA.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, on Tuesday, the rate pierced another resistance level. Namely, the pair managed to trade above the resistance of the 100-day simple moving average.There are no technical levels above this one. However, the February high level near 1.2250 could provide resistance.
Daily chart
Read More: Technical Analysis
Traders are short on EUR/USD
Since Monday, on the Swiss Foreign Exchange trader open positions were 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 50% to sell the pair.