The US dollar was seen moving slightly gloomy at the close of trade at the end of last week with PCE price index data observed in the last session.
The main focus is on this week which will be directed to the FOMC meeting early Thursday morning.
The results of the meeting and the follow-up speech by Federal Reserve (Fed) Chairman Jerome Powell will answer questions about the central bank's monetary policy speculation that has been floating around before.
The US dollar will receive a big impact this week and the NFP employment data will also be published on Thursday.
Will the US dollar show a move like last week's Euro which lost after the decision of the European Central Bank (ECB) meeting which kept interest rates?
ECB President Christine Lagarde has stated that it is too early to talk about interest rate cuts, what about the Fed this week?
Examining the price movement chart of the EUR/USD currency pair, the price is seen to be still moving in the flat zone last week, but slightly larger than the range in the previous week's movement.
The lowest level recorded last Friday was around 1.08130 and before the price reached the concentration level of 1.08000, the increase occurred again to around 1.08800.
The price movement is still moving below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart, signaling that the trend is still bearish for the price.
If the price is pushed lower at the beginning of this week, the 1.08000 zone remains a focus target to be hit and tested by the price.
Breaking through the zone will see the bearish movement continue towards the next target at 1.07000 and will record the latest 11-week low.
However, if the price moves to make an increase beyond the MA50 barrier, the 1.09000 zone will be tested before signaling the start of a move for a bullish trend.
Higher gains if continued will reach up to the 1.1000 level to test the important resistance that was the focus of early January.
