The price movement on the chart of the EUR/USD currency pair last week remained failing to break the resistance zone of 1.18000 after testing at the beginning of the week and the end of the week.
After rising from the support zone of 1.17200 following the depreciation of the US dollar due to declining US treasury yields.
On Friday, the flat price at the resistance of 1.17800 rebounded at the beginning of the New York session after the market reacted positively to the US NFP jobs data report supporting the strengthening US dollar.
However, the situation failed to be maintained by seeing the price still moving above the Moving Average 50 (MA50) support level on the 1 hour time frame of the price movement which signaled for the price to rise again.
Prices moved slowly at the opening of the Asian market session earlier this week and remained moving above the MA50 level towards the SBR (support become resistance) zone of 1.17800-1.18000.
The zone needs to be breached to give a clearer signal to investors for the price to continue the bullish trend.
The price increase is expected to head to the SBR zone of 1.19000 which was the focus previously with the higher upside destination to be directed at 1.20000.
If the price still fails to pass the SBR zone of 1.18000, the price will make a decline again to the support zone of 1.17200-1.17000.
US services PMI data will be the focus of tonight’s New York session and will likely influence the movement of the US dollar.
