The US dollar remained dominating the market until the close of trading last week with excellent performance throughout the week.
Investors are likely to see that the Federal Reserve (Fed) will continue to raise aggressive rates in an effort to keep inflation rates low.
The focus will be on the annual Jackson Hole Symposium at the end of this week with a speech by Fed Chairman Jerome Powell will certainly be awaited for further indications of the central bank's monetary policy.
Meanwhile, European and United States (US) manufacturing and service sector data will be monitored on Tuesday to assess the current performance of the country's economy.
The Euro currency is expected to remain with gloomy movements this week with data readings also predicted to be less encouraging.
The price movement on the chart of the EUR/USD currency pair is expected to invite expectations that the price will continue to decline further for this week.
In the past week, the price has made a decline to a recent 5-week low reaching around 1.0030 at the close of the last session of the week.
The price seen remains alarmingly below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the EUR/USD chart signaling a bearish move, also crossing the support level at 1.01000.
A further decline in prices will be expected towards the parity level of 1.0000 (€ 1=$1) after the zone managed to bounce back in prices on the decline of last July.
A continued decline this week would also set another new low for a 6-week trading period.
On the other hand, if the price manages to rise again, some concentration resistance levels are seen to be tested such as at the 1.01000 and 1.01600 levels.
Passing those levels will give an early signal for a change in the bullish trend again for the price.
