The US dollar maintained its strength until the end of last week giving an indication of movement this week to end February trading.
Last Friday, the release of encouraging personal spending data in the United States (US) also maintained the previous strengthening of the US dollar.
In addition to durable goods orders data, US manufacturing and services survey data will also be in focus this week.
Posting its biggest weekly gain since September 2022, the US dollar also posted a strengthening to a 7-week high.
Therefore, most of the other major currencies could not withstand the pressure caused by the strengthening of the US dollar.
As for the price chart of the EUR/USD currency pair, the latest 7-week low was recorded with a decline reaching around 1.05350.
The price movement remains below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart, indicating a bearish trend.
If there is no change in the market situation this week, the price is likely to continue the decline towards the latest target at the 1.05000 support zone.
However, the price movement pattern can change if there are new factors that appear in the market.
A price increase can occur with the MA50 barrier and the 1.06000 level will be the focus to be tested as initial resistance.
If it succeeds, it will be an early indication of a change in the price trend, with the increase likely to continue towards the resistance level at 1.07000.
