The Asian and European sessions on Monday yesterday showed slow market movements for the opening of trading at the beginning of the week.
The US dollar is seen to remain riding the strengthening momentum at the close of last week as it reacted to the publication of the US NFP employment data report.
Job gains for May jumped to a record 339,000 compared to the low forecast of 193,000.
However, investors need to be careful as the average salary data and the unemployment rate show alarming readings.
Yesterday's New York session again triggered the decline of the US dollar after the ISM survey data of the US service sector showed a slower expansion for May.
Examining the price movement on the chart of the EUR/USD currency pair, the price has shown a significant drop at the end of last week from the high level of 1.07700.
The price decline continued until the beginning of the week yesterday, passing the 1.07000 level and reaching around 1.06800.
However, a surge occurred in the New York session to around 1.07200, but the price movement that is still below the Moving Average 50 (MA50) barrier remains a bearish signal.
However, if today's rise continues beyond the MA50 barrier with the continued decline in the US dollar, prices could regain the highs reached last week.
Next, the target will be re-directed at the level of 1.08000 which is expected to be tested before the price continues to rise towards the concentration zone at 1.09000 before.
However, if yesterday's price surge is only temporary and the price continues to decline again, passing yesterday's level at 1.06800 will push the decline towards the latest support zone at 1.06000.
