In the near term future, the rate was expected to look for support in the 1.1850 mark.
Economic Calendar Analysis
Notable data releases will start on Wednesday. On that day, the US Consumer Price Index data could cause a minor move on USD assets at 13:30 GMT. The EUR/USD has moved from 6.1 to 23.8 pips on the announcement.
On Thursday, the European Central Bank will make a rate statement at 12:45 GMT. However, the rate has not changed for years and years. Instead, read the Monetary Policy Statement that is published at the same time. It reveals, how much money the ECB is going to flood the market with. Depending on that the EUR supply and strength change. This event has caused moves from 3.8 to 30.6 pips since July 2020.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
On Monday morning, the EUR/USD declined below the support of the 1.1900 mark. Next target for the decline was the 1.1850 mark and the weekly S1 simple pivot point at 1.1838.In the case of the mentioned support levels holding, the rate could recover and test the resistance of the 1.1900. In addition, this level could be soon reached by the 55-hour simple moving average.
On the other hand, in the case of the 1.1850/1.1838 levels failing to hold, the pair could first reach the 1.1800 mark and afterwards the 1.1756 level.
Hourly Chart
On the daily candle chart, the pair pierced the support of the 100-day simple moving average and the 23.60% Fibonacci retracement level.
Next support on the daily candle chart was the 200-day simple moving average, which was located at the 1.1823 level.
Daily chart
Read More: Technical Analysis
Traders remain bullish
On Friday, on the Swiss Foreign Exchange trader open positions were bullish, as 54% of open position volume was in long positions.
On Monday, traders were still bullish, as 55% of volume was in long positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 65% to buy the pair. The orders were 72% to buy on Friday.