The EUR/USD has found support in the 200-hour SMA, and, by the middle of Monday's European trading session, the rate had reached the resistance of the 55 and 100-hour SMAs near 1.1080.
The rate's future movements were based upon what would happen at the 1.1080 mark. US Employment Data
The European Common Currency depreciated against the US Dollar, following the US Employment data set release on Friday at 13:30 GMT. The EUR/USD exchange currency rate lost 30 pips or 0.27% right after the release. The Euro continued trading at the 1.1075 level against the Greenback.
The Bureau of Labor Statistics released the US Non-Farm Employment Change data, which came out better-than-expected of 266K compared with the forecast of 181K.
According to the official release: "Notable job gains occurred in health care and in professional and technical services. Employment rose in manufacturing, reflecting the return of workers from a strike."
Economic Calendar Analysis
This week there are a couple of events that could impact the EUR/USD rate.
On Tuesday, at 10:00 GMT the German ZEW Economic Sentiment could create a surprise move on the Euro charts.
On Wednesday, at 13:30 GMT the US CPI and Core CPI are scheduled to be published. Since July this event has caused moves from 7.1 to 26.9 pips. The lowest reactions were in October and November.
On the same day, the US Federal Reserve would announce its interest rate at 19:00 GMT. The event has created moves from 15.6 to 57.8 pips.
On Thursday, the European Central Bank is set to make its rate announcement at 12:45 GMT. The EUR/USD has moved from 5.9 to 57.6 on the announcement.
The week is set to end with the US Retail Sales data sets on Friday at 13:30 GMT. A move from 5.3 to 22.2 pips can be expected.
Meanwhile, the week's scheduled event historical data tables have been published. Click on the link below to read the article.
EUR/USD hourly chart's review
On Monday, the EUR/USD reached the resistance of the 55 and 100-hour simple moving averages near 1.1080.If these levels fail to hold the rate down, the EUR/USD would aim next for the resistance of the weekly R1 at 1.1118.
On the other hand, the SMAs could push the pair down into the support of the technical levels located from 1.1060 to 1.1050.
Hourly Chart
On the daily candle chart, the rate trades above the support of the 55 and 100-day simple moving averages, which provide support at 1.1068 and 1.1044.
Daily chart
On Monday, on the Swiss Foreign Exchange 69% of open EUR/USD position volume was in short positions.
Meanwhile, pending trade orders were neutral, as 50% of orders in the 100-pip range were to sell and 50% were to buy.