Market analysts continue to see the US dollar performing well after the end of March trading as well as ending the first quarter of 2021.
In yesterday's New York session, it can be seen that the US dollar strengthened slightly, possibly with profit-taking activity by investors before entering trading for the second quarter.
The US dollar was seen depreciating slightly against some major currencies but still managed to put pressure.
As seen on the price chart of the EUR/USD pair, the price remains hovering around the lowest level since November 2020.
After the price fell close to the 1.17000 level in the Asian session yesterday, gains were seen in the European and New York sessions. However, the gains exhibited were seen as weak and failed to stay above the Moving Average 50 (MA50) level over the 1 -hour time frame.
The Euro currency is also still at risk with concerns over the European economy which is still struggling with the pressure of viral contagion and affecting health systems.
In France, President Emmanuel Macron has announced a third lockdown order by announcing that school sessions will be closed for up to 3 weeks.
Thus, expectations for the Euro currency to jump thinner than other currencies in the market unless there are recent factors or sentiments capable of supporting the re -strengthening of the Euro.
If the situation continues, the price on the EUR/USD chart will drop lower below the 1.17000 level.
And if the US dollar returns to show its strength, the price could decline to the support level around 1.16000.
On the other hand, if the price manages to rebound, the 1.18000 zone will be the initial resistance for the price before the bullish trend signal for investors if the zone is successfully broken.
A higher rise will head back to the 1.19000 level for the price to retest the SBR (support become resistance) zone.
