By mid-Monday it was observed that the pair had resumed to respect technical levels. Namely, moving averages, the weekly simple pivot point and round levels had acted as support and resistance.
Economic Calendar Analysis
Watch out for the US inflation data. On Wednesday, the US Producer Price Index is set to be published at 12:30 GMT.
Also on Wednesday, the US Federal Reserve will publish the FOMC Meeting Minutes. The minutes could reveal more information about the US monetary policy. The publication is scheduled for 18:00 GMT.
On Thursday, at 12:30 GMT, the US Dollar will react to the combination of the US Consumer Price Index and the weekly Unemployment Claims data. Markets will be looking at this release as the top one of the week.
EUR/USD hourly chart
A decline of the Euro against the US Dollar is expected to look for support in the 100-hour simple moving average and the 1.0520 level. Below these levels, take into account the 1.0500 mark and the weekly S1 simple pivot point at 1.0487.On the other hand, a recovery of the currency pair is set to be slowed down by the combination of the 50-hour simple moving average, the weekly simple pivot point and the 1.0550 level. Higher above, note the 1.0600 level, which stopped the Friday's surge.
Hourly Chart
EUR/USD daily chart's review
On the daily candle chart, the decline continues in a large scale channel down pattern. Most recently the support line of the pattern has continued to hold and cause retracements back up.Daily chart
Read More: Technical Analysis
Traders are long
On Monday, the Swiss Foreign Exchange traders were 64% in long positions.
Meanwhile, trader set up pending orders in a 100-point range around the current rate were 51% to buy the Euro against the US Dollar.