By the middle of Monday's European trading hours, the rate had returned to the 1.1300 mark.
Economic Calendar Analysis
The top data set of the week will be released on Wednesday at 13:30 GMT. At that time, the US Consumer Price Index and Consumer Price Index are set to be published.
On Thursday, at 13:30 GMT, the US Producers Price Index and Core Producers Price Index data sets are scheduled to be published. At the same time, the US weekly Unemployment Claims could cause a minor impact on the USD.
The week will end with the US Retail Sales and Core Retail Sales on Friday at 13:30 GMT.
Click on the link below to find out more about data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
A further decline of the Euro against the US Dollar would need to pass the support of the weekly S1 simple pivot point at 1.1297. Afterwards, the pair could reach for the January low level zone at 1.1272/1.1277. Further below, the December 21 and 22 low levels might act as support at 1.1260/1.1265.On the other hand, a recovery of the pair might find resistance in the combination of the 50, 100 and 200-hour simple moving averages near 1.1310/1.1320. Higher above, note the weekly simple pivot point at 1.1339.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the EUR/USD has been going nowhere during the whole of December, as the rate appears to be bouncing around the 1.1300 mark.Meanwhile, note the approaching 50-day simple moving average. The SMA might provide resistance and cause another test of the support of the 1.1200 mark and the 38.20% Fibonacci retracement level.
Daily chart
Read More: Technical Analysis
Traders are long
Since Thursday, on the Swiss Foreign Exchange trader open positions were long, as 63% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 53% to buy the Euro against the USD.
On Monday, the sentiment was 64% long and pending orders were 54% to buy.