The US dollar showed a slight increase at the start of Asian session trading this morning as the market opened earlier in the week.
Over the weekend, the US dollar showed a slight decline after a strong move throughout the week as current market sentiment and US economic data supported the strengthening of the king of the currency.
However, investors will be wary of the movement of the US dollar this week ahead of the US NFP employment data report to be published on Friday.
Virus transmission is reported to be on the rise again in Europe and the US. However, the positive distribution of vaccines channeled in the US is expected to revive the country against the pressure in Europe in addition to the allegedly slow delivery of vaccines to the point of raising tensions in Europe and the UK previously.
Therefore, the Euro currency is expected to remain risky to continue this week’s trading against the US dollar.
On the price chart of the EUR/USD pair, it can be seen that the price showed a decline last week to below the level of 1.18000 after plunging at the beginning of the week from above the level of 1.19000.
Zone 1.18000 is seen as an SBR zone (support become resistance) which will be a resistance for the price this week.
If the price continues lower, the support zone of 1.17000 will be the price target.
However, if the price manages to rebound again this week above the level of 1.18000, the price will rise to the level of 1.19000 to re -test the SBR zone.
