Meanwhile, analysts spotted a channel up pattern on the chart, which captures the rate's surge that has been occurring since November 11.
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
The rate has no close by technical resistance with the exception of the upper trend line of the recently added channel up pattern. Due to that reason, the rate could surge to the psychological resistance of the 1.1900 mark.However, the pair could trade sideways near the support of the 1.1870 zone until the hourly simple moving averages approach and push the rate up.
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 grows
Since Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 54% of open position volume was in short positions.
On Tuesday, the sentiment had increased to being 57% short.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 68% to sell the pair.
The orders were 64% to sell on Monday.