In the meantime, the currency exchange rate was being approached by the support of the 55, 100 and 200-hour simple moving averages.
Economic Calendar Analysis
Notable data releases start on Tuesday. At 13:30 GMT, expect the US Retail Sales data sets to slightly increase USD volatility.
On Thursday, expect the usual US Unemployment Claims at 13:30 GMT.
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
It is likely that some upside potential could prevail in the market, as the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.1810/1.1835 range. The rate could target the weekly R1 at 1.1924.However, if the predetermined support does not hold, the currency pair could trade downwards in the short term. In this case the pair could gain support from the weekly S1 at 1.1749.
Hourly Chart
On the daily candle chart, the EUR/USD is trading in a large scale channel down pattern, which is almost horizontal. The pattern has been guiding the rate since the end of July.
Daily chart
Read More: Technical Analysis
Short sentiment is intact
Since Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 54% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 64% to sell the pair.
The orders were 53% to sell on Friday.