Despite the slow price movement pattern, the EUR/USD currency pair chart on Tuesday's trade yesterday managed to record the latest 4-month high.
The euro managed to maintain its strengthening against the US dollar which is moving under pressure driven by the impact of the economic data of the United States (US) published last week.
Reversing expectations for the Federal Reserve (Fed) to ease monetary policy, the third quarter economic growth data and the PCE price index recorded gloomy readings.
After the price on the EUR/USD chart managed to break past the resistance level of 1.10000 last week, the rise has continued to new highs around 1.10400.
Resuming trading at yesterday's Tuesday open, the price started around the 1.10000 level and rose slightly above last week's high.
Although it did not show a significant price jump, the latest high level was still successfully recorded.
The price movement also remains in a bullish trend that moves above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart.
With this displayed pattern, price increases are expected to continue but at a slow pace.
The target is to reach around the 1.10700 to 1.11000 zone.
But be alert if the price starts to move down below the MA50 line for early signs of a change in price direction.
A further drop below the 1.10000 level again would be a warning to investors for a more severe fall after that.
It is likely that the nearest zone that will be the focus is around 1.09000, however with the expected slow price movement in the last week of 2023 this will make it difficult for the price to reach that zone.
