The Euro managed to maintain a good performance for the second day of the week as the US dollar continued to trade weakly.
In yesterday's New York session, the United States (US) retail sales data was published with a reading of the sales rate in September that was better than forecast.
However, the US dollar only strengthened for a moment at the beginning of the data publication before returning to decline again until the end of the session.
Even so, investors remain wary of changes in price direction that may occur with the tension of the conflict in the Middle East that continues to influence the movement of the US dollar.
If you look at the chart of the EUR/USD currency pair, the price that fell to 1.05000 at the end of last week managed to recover this week.
The price increase continued on Tuesday yesterday seen continuing the pattern at the beginning of the week and in the New York session the price almost reached the level of 1.06000.
The current price movement pattern is seen to be still in a bullish trend where the price moves above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart.
If the price increase continues today, the 1.06000 level as the current resistance will be tested to be broken and continue to record the latest high level this week.
The next target is at the height of 1.06400 to test which the price has reached during last week's trade.
If the decline occurs, the price will be observed for the breakthrough of the MA50 support which will be a signal for a change in the direction of the price movement.
The continued decline will lead to the support level at 1.05000 which has been the focus of these weeks.
The next lower decline is expected to react to the 1.04500 zone as in the early trade last October.
