Market movements were slow at the beginning of the week as analysts expected after the turbulence of the previous week.
The US dollar is seen to be still maintaining the strengthening momentum at the end of last week, but the momentum is slowing down.
Investors will be waiting for some economic data from the United States (US) to serve as the next indication of the Federal Reserve's (Fed) 2024 monetary policy picture.
US consumer confidence data, the final reading of third quarter GDP as well as the inflation component of the PCE index will be in focus.
Although the US dollar still pressured other major currencies at the beginning of the week, the Euro was seen to have managed to survive the decline.
It can be observed on the chart of the EUR/USD currency pair, the price was flat above the 1.09000 zone throughout yesterday's trading, not continuing the downward trend of last Friday.
However, investors are still wary of the bearish signal that the price is seen to remain moving below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the chart.
It is likely that the decline that did not occur yesterday will be shown today to surpass the level reached at the end of last week.
The target for a lower price extension is around 1.08000 which was the focal level in the previous week's trade.
On the other hand, if the price shows a rebound again, the resistance at the 1.10000 level will once again be tested after failing to break through last week's increase.
The price will record the latest 5-month high to the target level of 1.11000 if the rise continues.
