In the prolonged uncertainty of the market, the US dollar is seen to still manage to show strengthening at the opening of trading early yesterday.
Even so, investors remain vigilant following the important economic data of the United States (US) that will be published throughout this week.
Apart from the NFP jobs report at the end of the week, the main focus will be on the FOMC meeting early Thursday morning.
The market wants to know the decision of the monetary policy of the Federal Reserve (Fed) through the speech by Chairman Jerome Powell.
Certainly the market movement will be turbulent especially for the US dollar and make investors uncomfortable.
If you observe the price movement on the chart of the EUR/USD currency pair, the price shows a decline again reaching the level of 1.08000.
Reacting to this important zone, the price bounced back after testing it before closing the New York session close around 1.08300.
Slow price movement resumed trading in the Asian session this morning (Tuesday) as it was seen testing the Moving Average 50 (MA50) barrier line on the 1-hour time frame of the chart.
If the price decline occurs again, once again the 1.08000 support zone will be tested and the price reaction around it will be observed.
If the support zone is broken, the bearish price movement will continue with the target moving to the 1.07000 zone.
Meanwhile, the price making an increase past the MA50 barrier will give an early signal for a change in direction.
The continued rise will try to pass the 1.09000 zone before extending it to a higher level towards the resistance target of 1.10000.
