In the near term future, the rate was expected to look for support in the combination of the weekly simple pivot point and the 100-hour simple moving average at 1.1858 and 1.1848. Moreover, the 1.1850 level could provide support.
Economic Calendar Analysis
This week, the EUR is expected to react to the publication of the European Central Bank's Monetary Policy Statement on Thursday 11:45 GMT. However, the reaction to the publication itself is rather low. Instead, most volatility can be expected at 12:30 GMT during the ECB Press Conference.
On Friday, at 12:30 GMT the rate could move due to the publication of the US Producers Price Index.
EUR/USD hourly chart's review In the case that the rate recovers from the mentioned support levels, the rate would surge. A potential surge most likely would test the resistance of the 1.1900 and afterwards the weekly R1 simple pivot point at 1.1933.
However, a decline of the EUR/USD currency exchange rate below the 1.1850 level could look for support in the 200-hour simple moving average and the weekly S1 simple pivot point at 1.1810 and 1.1806.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, EUR/USD has reached the resistance of the 1.1900 zone. The 1.1900 level's zone has kept the rate down since the start of July. The rate has made numerous attempts to pass this level throughout the previous two months.Above the 1.1900 zone, the 100-day simple moving average could provide resistance at the 1.1950 mark. The 200-day SMA was doing the same at 1.2000.
A bounce off from the 1.1900 mark would most likely look for technical support in the 55-day simple moving average near the 1.1820 level.
Daily chart
Read More: Technical Analysis
Traders are short
On Friday, on the Swiss Foreign Exchange trader open positions were short, as 54% of open position volume was in short positions.
On Monday, the sentiment was 53% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 66% to sell the currency exchange rate.