In regards to the future, the pair was expected to test the psychological resistance of the 1.1300 level.
Economic Calendar Analysis
The main scheduled macroeconomic data release of the week is bound to occur on Thursday, at 12:30 GMT. At that time the US employment data sets are scheduled to be published.
Note that some calendars show the ADP Non-Farm Employment Change and the US ISM Manufacturing PMIs as high impact events, they have not caused an increase of volatility. See the tables below.
Take a look at all of the historical reaction tables by clicking on the link below.
EUR/USD hourly chart's review
By mid-day on Monday, the EUR/USD currency exchange rate had reached the 1.1285 level.As the rate had no resistance as high as the upper trend line of the pattern, which captures the rates June decline, a surge was expected.
However, take into account that the round price level of the 1.1300 mark could provide psychological resistance and slow down a surge.
Hourly Chart
On the daily candle chart, the descending pattern can be better observed. In theory, the pattern should cause a long term decline. The decline would then test the support of the 61.80% Fibonacci retracement level at 1.1184.
Daily chart
Read More: Technical Analysis
Traders short the EUR/USD
On Friday, on the Swiss Foreign Exchange 66% of all EUR/USD open position volume was in short positions.
By the middle of Monday's GMT trading hours the open positions remained unchanged.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were set to sell, as 53% of orders in that range were bearish.