However, since the event the pair has recovered. During the second part of Monday's trading, the currency exchange rate had recovered to 1.0220.
Economic Calendar Analysis
This week, the top event for all markets will be the US Consumer Price Index and Core Consumer Price Index release on Wednesday at 12:30 GMT.
If the inflation data beats expectations, it is set to signal that the US Federal Reserve is pressured to hike interest rates and with it push the US Dollar's value up. On the other hand, a reveal that the inflation has slowed down might allow the central bank to go easier on the monetary tightening, which in turn would cause a decline of the USD.
On Thursday, at 12:30 GMT, the Producers Price Index and Core Producers Price Index will reveal inflation at the producer level. The PPI signals upcoming price increases or decreases at the consumer level.
EUR/USD hourly chart
A potential surge of the Euro against the US Dollar is likely to test resistance in the form of the 1.0240 and 1.0250 levels. Higher above, note the resistance of the weekly R1 simple pivot point at 1.0277.On the other hand, a drop below the 1.0200 mark, the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages that are spread out from 1.0190 up to 1.0205.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the currency exchange no longer appears to be heading to the 1.0350/1.0400 zone. Instead, the rebound from the 1.0000 mark has resulted in a sideways consolidation around the 1.0200 mark.Daily chart
Read More: Technical Analysis
Long sentiment increases
On Friday, on the Swiss Foreign Exchange, trader open positions were bullish, as 55% of open position volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 56% to buy the Euro against the USD.
On Monday, traders were 59% long and orders were 53% to buy.