The Euro currency moved better against the US dollar since the beginning of the week until Tuesday yesterday as some data looked into the market.
The final reading of European inflation was unchanged at 2.6% while the ZEW survey of German economic sentiment fell short of forecast figures.
Meanwhile, in the New York session, the focus was on the publication of the United States (US) retail sales report for May with a somewhat declining reading, showing gloomy consumer spending.
The US dollar remained weak when the reading of the latest economic data was less encouraging, but analysts still expect the potential for the re-strengthening of the currency if the focus is directed to the Federal Reserve's (Fed) monetary policy again.
Examining the chart of the EUR/USD currency pair, the price is seen to be still holding above the 1.07000 zone which recovered from last week's fall.
The rise in yesterday's New York session which reached a height of 1.07600 was seen to outperform last Monday's trading, indicating that the bullish pattern is maintained.
Price movement above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart also signals the start of a bullish trend.
However, the slow movement in the range still makes investors cautiously watch the latest indicators.
If the price rally continues higher today, the target for the price is to head towards the 1.08000 zone and test the resistance.
If the resistance is successfully overcome, the price is expected to be driven higher to the next target around 1.09000.
On the other hand, if the price is pushed back down, passing the 1.07000 zone will be a sign of a bearish movement like last week will continue.
A further decline in price can be expected to reach around 1.06000 to record the latest low level surpassed last week.
