The price movement on the chart of the EUR/USD currency pair again shows the reaction to the important zone that investors are watching.
The RBS (resistance become support) zone of 1.08000 remains the focus of testing this week after being observed for several weeks before.
The US PCE index data published yesterday has invited an initial weakening reaction of the US dollar, before the king of the currency showed a re-strengthening.
The price drop that occurred in the New York session yesterday was seen to reach the zone, but the price did not continue to break down, instead it leveled off after reaching it and the slow movement remained until the close of the session.
Continuing at the opening of the Asian session this morning, the price bounced back from the RBS 1.08000 zone to test the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the EUR/USD chart.
If the barrier fails to be crossed, the price will remain moving in a bearish pattern and is at risk of falling further.
If the decline occurs and the price drops below the 1.08000 zone, the tendency is higher for the price to fall.
Target up to the 1.07000 level for price decline if it continues after this.
On the other hand, if the price surge is successfully displayed again, the level reached at the beginning of the week around 1.08600 will try to be reached and overcome.
Next, last week's level will try to challenge the price before the 1.09000 resistance zone is waiting to be tested.
Consumer survey data and the US manufacturing sector will be watched later tonight and are expected to influence the US dollar at the end of the week.
