Economic Calendar Analysis
On Thursday, at 12:30 GMT, the US Advance GDP will be released. This event has caused EUR/USD moves only from 7.9 to 13.6 pips.
In addition, on Friday, the German Preliminary GDP could cause EUR moves. The EUR/USD has from 10.0 to 14.1 pips during the last three releases since July 2020.
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 higher during the following trading session. The possible target for bullish traders will be near the weekly R2 at 1.2205.However, the weekly resistance level at 1.2152 could provide resistance for the EUR/USD currency exchange rate within this session.
Hourly Chart
EUR/USD daily chart's review
The EUR/USD currency exchange rate has been continuing to trade above the 100-day simple moving average since the start of this week, breaking the resistance level at 1.2128 on Thursday.On the daily candle chart, look at the round exchange rate levels, which could impact the rate by providing both support and resistance. In adittion, take a look at the February high spike and the high level of 2021 January. These levels are at respectively, 1.2240 and 1.2350.
Daily chart
Read More: Technical Analysis
Traders set up sell orders
On Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 62% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to sell the pair on Thursday.
On Wednesday, the orders were 58% to buy the pair.