In regards to the near term future, the rate was expected to test the resistance zone from 1.2170 to 1.2190.
Economic Calendar Analysis
During the week, only the US Preliminary GDP on Thursday at 13:30 GMT is expected to cause a notable move. The EUR/USD has moved from 6.3 to 15.1 pips on the announcements since November 2019.
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
On Wednesday, the rate was testing the resistance of the 1.2170/1.2190 zone. In theory, the 55-hour simple moving average could push the rate through this zone. If that occurs, the rate would test the 1.2220 high level.However, if the 55-hour SMA fails to push the rate through the resistance zone, the pair could decline and look for support first in the 100-hour simple moving average near 1.2130 and afterwards the 200-hour SMA near 1.2115.
Hourly Chart
On the daily candle chart, since Monday the rate has been trading around the 55-day simple moving average. In the case of the rate breaking the SMA, it could test the late January high level at 1.2200. This level caused the rate's January 20/February 5 decline.
In the meantime, a minor channel up pattern was spotted on the chart. It has guided the rate up since the start of February.
Meanwhile, take into account that there is additional support on the daily candle chart at the 1.2000 mark. Namely, a 23.60% Fibonacci retracement level and the 100-day simple moving average were strengthening this level.
Daily chart
Read More: Technical Analysis
Traders go short
Since Monday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in short positions.
By the middle of Wednesday's European trading, the sentiment had become 60% short.
Meanwhile, since Tuesday, trader set up pending orders in the 100-pip range around the pair were 55% to buy the pair.