In regards to the near term future, the rate was expected to test the support of the 1.0820 mark.
Economic Calendar Analysis
There are a couple of minor data releases scheduled for the week.
On Tuesday, the US ISM Non-Manufacturing PMI is set to be released at 14:00 GMT. In addition, a minor move could be caused by the ADP Non-Farm Employment Change.
The week will end with the employment data release from the United States, on Friday at 12:30 GMT.
EUR/USD hourly chart's review
On the one hand, it is likely that the exchange rate could gain support at the 1.0820 level and reverse north in the nearest future. Meanwhile, it is unlikely that the rate would exceed the resistance area formed by the monthly PP, the 100-hour SMA and the Fibo 23.60% in the 1.0886/1.0916 range.On the other hand, the currency pair could be pushed down by the 200-hour SMA near 1.0865. In this case the pair could face the support level—the monthly S1, located at 1.0776.
Hourly Chart
On the daily candle chart, the pair bounced off the resistance of the 100-day simple moving average just above the 1.1000 level. In addition, downwards pressure was also provided by the 200-day SMA at 1.1035.
In the near term future, the pair could once again test the low levels of April.
Daily chart
Read More: Technical Analysis
Traders remain short
Despite the recent surge of the rate, traders continue to short the EUR/USD.
At the middle of Tuesday's GMT trading hours, 71% of open EUR/USD position volume on the Swiss Foreign Exchange was in short positions.