The US dollar closed the trade in the last session of last week by showing a decline despite the economic data of the United States (US) that has been published throughout the week is good.
This week the focus will be on the results of the FOMC meeting to see the setting of interest rates by the Federal Reserve (Fed) and also the latest statements that will be made by Chairman Jerome Powell.
Also at the end of the week, investors will be cautiously awaiting the release of the US NFP jobs data report with the forecast for a slightly bleak October.
Examining the price movement chart of the EUR/USD currency pair, a price spike was observed in the New York session last Friday.
The price, which was down to around 1.05400, bounced back up almost touching the resistance level at 1.06000 before retreating slightly at the close of the session.
In the European session shortly, investors will monitor the German inflation data that will be published and is expected to influence the movement of the Euro currency.
Resuming trading at the opening earlier this week, the price slowed around 1.05600 and was seen flat above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/USD chart.
If the rally earlier this week holds, the price will again test the 1.06000 resistance and if it manages to break through, the rally higher will continue.
Maintaining a bullish trend movement expects the price to reach back up to the 1.07000 high level that was almost touched last week.
On the other hand, if the price shows a dip below the MA50 support level, the price drop will aim to reach 1.05000 and test the support.
If it breaks lower, the focus will shift to the 1.04500 zone that was hit in early trade last October.
