During Monday morning, the pair was testing the support formed by the 55- and 100-hour SMAs, as well the weekly PP near 1.1305.
Economic Calendar Analysis
This week, data releases are scheduled to start on Tuesday. However, the US CPI data sets have not caused notable moves. Normal volatility remains intact during the announcement.
On Thursday, the European Central Bank will make a rate statement and publish a monetary policy statement at 11:45 GMT.
This event will be followed by the publication of the US Retail Sales and Unemployment Claims at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
On Friday, the EUR/USD currency pair reversed north from the monthly PP at 1.1253. During today's morning, the pair touched 1.1330.It is likely that the exchange rate could gain support from the 55– and 100-hour SMAs, as well the weekly PP near 1.3050 and trade upwards in the short run. In this case the rate could target the weekly R1 at 1.1366.
Meanwhile, note that the currency pair could face resistance at the 1.1330 mark. If the given level holds, it is likely that the Euro could consolidate against the US Dollar in the short term.
Hourly Chart
On the daily candle chart, the rate could gain additional resistance from the trend line that connects the March and June high levels.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as they are located below the 1.1100 mark.
Daily chart
Read More: Technical Analysis
Traders remain short on EUR/USD
On Monday, on the Swiss Foreign Exchange 69% of all EUR/USD open position volume was in short positions.
On Friday, it was 68% short. Traders had not taken profits during the decline.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 51% to sell.