Afterwards, the rate bounced off this level and began a decline. By the middle of Thursday's trading, the rate was heading back to the support of the 1.2160 level.
Economic Calendar Analysis
There is one major notable event to watch this week. The US Employment data sets on Friday at 12:30 GMT are most likely going to impact the EUR/USD currency exchange rate.
Namely, the release of the US Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate have caused EUR/USD moves from 20.2 to 75.1 pips since January.
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
In the near term future, the price was expected to test the support of the 1.2160 level. In the case of the support level holding, the rate would recover and return to the resistance of the 55, 100 and 200-hour simple moving averages in the 1.2207/1.2215 range.On the other hand, if the pair passes the support of the 1.2160 level, the rate could reach for the support of the weekly S1 simple pivot point at 1.2129.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the rate has passed the support line of the large scale channel up pattern, which guided the rate up since April. If the rate clearly breaks the pattern, the 1.2150 mark could provide support.In the meantime, the daily simple moving averages were located in the range from 1.2039 to 1.1981. A larger decline could look for support in the SMAs.
Daily chart
Read More: Technical Analysis
Traders remain short
On Wednesday, on the Swiss Foreign Exchange trader open positions were short, as 61% of open position volume was in short positions.
On Thursday, the sentiment was 62% short.
In addition, on Thursday, trader set up pending orders in the 100-pip range around the pair were 60% to buy the pair.
On Wednesday, the orders were 62% to buy.