The Euro currency took advantage of yesterday's early week opening against the weakness in the US dollar to reach a fresh 5-week high.
The dollar index fell again, as well as the yield of the 10-year treasury of the United States (US) fell back from the highest level reached since 2007, has pushed the decline of the US dollar especially in the New York session yesterday.
Today's focus will be on manufacturing and services PMI data in Germany and the US which will influence both the Euro and the US dollar.
Examining the price chart of the EUR/USD currency pair, the price has successfully moved up and broken through the resistance zone last week which is 1.06000.
As analysts have observed, the trend remains bullish with prices moving above the Moving Average 50 (MA50) support level on the 1-hour time frame on the chart.
After breaking through 1.06000, the price has surged to recent highs around 1.06750.
Slow around that at the close of the New York session, prices continued to rise in the Asian session this morning (Tuesday) with the aim of testing the concentration level at 1.07000.
If that level is also successfully broken this week, the target will shift to 1.08000 for a continued bullish pattern.
On the other hand, if the price shows a decline again, it is likely that the 1.06300 to 1.06000 zone will become the focus again and the price will react around that.
If the breakout is lower, investors will be ready for another price drop following the initial signal of the trend change.
