The Euro currency maintained a positive movement at the beginning of the week that took advantage of the ongoing depreciation of the US dollar since last week.
The euro managed to reach its latest 3-month high against the US dollar in the absence of recent factors that are seen to be able to support the king of the currency to recover.
On the other hand, the market maintained the forecast for the US dollar to weaken heading into the FOMC meeting in December after examining the indications from the latest published data including the NFP and CPI of the United States (US) earlier.
Focus will be on the release of the minutes of the FOMC meeting early Wednesday morning to examine further details regarding the current monetary policy of the Federal Reserve (Fed).
The price chart of the EUR/USD currency pair has seen the bullish pattern continue yesterday, recording the latest high level.
Although there was no significant jump, the price managed to rise to the level of 1.09500 at the end of the New York session.
Slow price movements continue trading in the Asian session this morning (Tuesday) and are seen to continue the rising pattern.
The trend remains bullish with prices remaining above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart.
The target for the continued price increase is to go to 1.10000 with the expectation that there will be a reaction that will be displayed around that.
If the US dollar remains weak, the move higher could continue above that level.
But if the situation changes, investors are likely to see the price plunge again.
The price that breaks past the MA50 support level is seen to head towards the 1.08000 zone before a trend change signal will be evaluated.
