The price movement on the chart of the EUR/USD currency pair at the opening of the early week yesterday is still seen as flat with a lack of economic data to drive the market.
The price is still hovering in the range of 100 pips last week, which is between resistance 1.07000 and support 1.06000.
The market will await the latest indicators this week for a clearer direction through the United States (US) economic growth data and the PCE price index.
The majority of the market expects the Federal Reserve (Fed) to hold off on interest rate cuts after hearing a hawkish speech delivered by Chairman Jerome Powell last week.
The price on the EUR/USD chart hovers around the Moving Average 50 (MA50) line on the 1-hour time frame that investors watch to determine the direction of further movement.
If the price increase happens, the price will test the resistance at 1.07000 before giving a bullish signal after successfully breaking through it.
The continued rise is expected to reach the previous concentration level which is around 1.08000.
On the other hand, if the price is pushed down, the support level at 1.06000 will be tested and the price reaction will be observed like last week.
If in the end the level succeeds in breaking the price, the previous bearish trend will continue for the latest low level to be recorded again.
The next price target is to reach around 1.05000 which is also observed as a focus level for the price.
