In the near term future, the pair was expected to test the combined resistance of the weekly R1 simple pivot point at 1.1898 and the 1.1900 level.
Economic Calendar Analysis
On Monday, at 14:45 GMT the US Manufacturing and Services PMIs are set to be published. The rate has moved from 7.8 to 21.2 pips on the announcement since June.
Another day to watch the Economic calendars will be Wednesday. At 12:30 GMT the usual US weekly Unemployment Claims are set to grab the attention of the financial media despite the event not moving the markets. At the same time, the US Preliminary GDP is set to be published. This event also, despite being on the headlines, has not caused notable market moves.
At 19:00 GMT, the US FOMC Meeting Minutes are scheduled to be published. Do not expect an immediate reaction of the markets, as the Meeting Minutes is not a statistics number, but a pdf document that contains clues on the future of the US monetary policy.
Its impact is gradual, as various market participants make their trades based upon how they interpret the information in the document. Quite often, the same text or even word is interpreted differently by various market participants. What matters is whether bullish or bearish views dominate after the publication.
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
During Monday's early trading hours, the EUR/USD reached the resistance of the weekly R1 at 1.1898 and the 1.1900 level. Near term future forecasts were based upon whether or not these levels hold.In the case of the resistance levels holding, the pair should trade sideways below 1.1900 until the additional support of the 55 and 100-hour simple moving averages approach. The SMAs could possibly push the rate up.
On the other hand, if the 1.1900 level fails, the rate would have no technical resistance as high as the weekly R2 simple pivot point at 1.1936. This level is the target of a potential surge.
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.
Meanwhile, the 1.1920 level could provide resistance, as this level reversed the pair's surges in September and early November.
Daily chart
Read More: Technical Analysis
Traders remain short
Since Friday, on the Swiss Foreign Exchange trader open positions were bearish, as 58% of open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 71% to sell the pair.