The US dollar started trading on a positive note at the beginning of the week seeing a strengthening attempt to be exhibited until yesterday's European session.
However, the situation was different in the New York session when the king of the currency moved down again until the end of the closed session.
Major currencies such as the Euro are seen taking the opportunity to continue rising in the Asian trading session this morning, but the risks hitting the market still make investors cautious.
Examining the price chart of the EUR/USD currency pair at the beginning of the week yesterday, prices opened lower in the Asian session following the escalation of the Palestinian-Israeli war conflict that broke out over the weekend.
The price opened around 1.05500 slightly higher in the Asian session before the decline in the European session reached 1.05200.
Failing to reach the concentration level at 1.05000, the price bounced back up in the next session to levels around 1.05700.
The slow price movement around that continued in the Asian session this morning (Tuesday), but the price is seen to be above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/USD chart for possible initial bullish movement.
If the price continues the rise to a higher level, the resistance level at 1.06000 was reached last Friday when the surge reacted to the NFP data.
If the resistance is successfully broken, the bullish trend movement will continue towards the next target at 1.07000.
On the other hand, if the price drops below the MA50 support level, it will warn investors of a further decline in price.
The decline will test the level of 1.05000 which was also a support in last week's trading with the expectation that there will be an important price reaction.
If it breaks lower, the previous week's lower support level around 1.04500 is the lowest price record for this year.
