Focusing on the New York session last Friday, the release of the United States (US) NFP employment data for August was seen to have no significant impact on the movement of the US dollar.
Job growth exceeded expectations, but average wages fell slightly while the unemployment rate rose.
The US dollar fell slightly when the data was published but started to show a re-strengthening at the close of the last session last week.
The Euro currency continues to be affected by the protracted energy crisis in Europe, but investors' focus will be on the European central bank's policy meeting this week with the expectation that a more aggressive interest rate hike will be implemented.
Examining the price movement on the chart of the EUR/USD currency pair, the price showed an increase last Friday past the parity level of 1.0000 and reached around 1.00300 when the NFP data was published.
However, the price started to shrink back below that 1.0000 and ended the week's trading around 0.99500.
Continuing the trading at the beginning of the Asian session this morning, the price opened trading lower around 0.99200 and flattened around that with the support level of 0.99000 still being the price support zone for several weeks.
If the price decline continues, the price that successfully crosses the support zone will reach around 0.98000 for the latest 20-year low target.
On the other hand, if the price manages to rise again, crossing the Moving Average 50 (MA50) barrier on the 1-hour time frame on the price chart will give an early signal for a change in the bullish trend.
The price is next assessed to break through the resistance at 1.0000 before continuing the rise towards the previous resistance zone around 1.01000.
