Despite the lack of focus economic data in the New York session yesterday, but the US dollar was seen to successfully highlight its strengthening in trading at the beginning of the session before slowing down at the end.
Analysts see price movements continuing the momentum of last week's impact from the results of the FOMC meeting with hawkish signals on their monetary policy that will support the US dollar.
The situation has also pushed the Euro currency down to a 28-week low above the level it traded last week.
Looking at the chart of the EUR/USD currency pair, the price that was flat at the end of last week resumed the decline at the beginning of this week in line with the forecast to reach the 1.06000 level.
In fact, the price broke through it and reached around 1.05800 in the New York session and then remained flat below the 1.06000 zone until trading resumed at the opening of the Asian session this morning (Tuesday).
Although the ifo business survey data in Germany recorded a positive reading, it did not seem to succeed in supporting the appreciation of the Euro.
With the price movement remaining below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart, analysts maintain a bearish outlook to further record new lows after this.
The target is still at the 1.05000 zone with the expectation that it will be the latest support zone for the price.
If a change in the price movement situation occurs, an increase above the 1.06000 zone will be shown and then the price will try to overcome the MA50 barrier.
If successful, investors will begin to evaluate it as an early signal of a trend change and the price target will change to head towards the 1.07000 level.
The market will look forward to the publication of United States (US) consumer confidence data in the New York session tonight, which will drive price movements.
