Meanwhile, the rate faced resistance of hourly simple moving averages and a pivot point above 1.1800.
Economic Calendar Analysis
The week ahead is going to be relatively calm on the economic calendar. Most of the events, that could impact the markets, are from the US.
On Tuesday, the US Core PPI and PPI data are going to be released at 12:30 GMT.
On Wednesday, the US Core CPI and CPI data will be released at 12:30 GMT.
On Thursday, the US Unemployment Claims data might affect the market. The release is scheduled to 12:30 GMT.
The week will end with the US Retail Sales data release on Friday at 12:30 GMT.
Click on the link below to find out more about the data releases.
EUR/USD hourly chart's review
In the near term future, the rate was expected to decline to the support of the 61.80% Fibonacci retracement level at 1.1700.The rate could be pushed down by the 55, 100 and 200-hour simple moving averages.
Hourly Chart
On the daily candle chart, the pair was trading near the upper boundary of the ascending trend. Note that the pair could gain support from the Fibo 38.20% at 1.1707.
In the meantime, the daily simple moving averages indicate that the pair is overbought, as the closest by 55-day SMA is located near 1.1390.
Daily chart
Read More: Technical Analysis
Traders remain short
On Friday, on the Swiss Foreign Exchange 65% of all EUR/USD open position volume was in short positions.
By the middle of Monday's GMT trading hours, the sentiment had remained unchanged.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were set to buy in 68% of all cases.