The price movement on the chart of the EUR/USD currency pair meets the expectation to continue the rise in the bullish trend exhibited.
The US dollar depreciated even more in the New York session yesterday as the market reacted to the decline in US 10-year bond yields to 1.65%.
In the previous European session, the US dollar looked a little stronger but did not manage to maintain that momentum until the next session.
The price is seen falling testing the RBS zone (resistance become support) 1.18000 before jumping 70 pips to a high of around 1.18700.
The price movement slowed back in the Asian session this morning and is still hovering at that high with the expectation that the price increase is likely to continue.
Next, the SBR zone of 1.19000 will be tested before the price passes it and will continue to rise higher to head to the focus level of 1.20000.
If the price plummets a possible re -strengthening factor of the US dollar or risks in Europe, the RBS 1.18000 zone will return to the price focus zone again.
Either the price will make a rebound from the zone, or the price falls lower for a bearish trend signal.
The lower decline will return to the support zone at 1.17200-1.17000 that was tested last week.
