The price movement on the chart of the EUR/USD currency pair remained flat at the opening of the early week yesterday following the pattern of last Friday.
Prices remained hovering below the 1.09000 zone until trading resumed at the opening of the Asian session this morning in a cautious market environment.
The absence of focal economic data at the beginning of the week prompted slow price movements before several important indicators will be observed at the end of the week including the United States (US) GDP data and the PCE price index.
Trading is expected to be more brisk on Wednesday with the release of PMI data that assesses the current health of the economy through the manufacturing and services sectors.
The slow price movement in the 1.09000 zone is seen slightly above the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the EUR/USD chart, but investors are still waiting for a clearer signal to determine the price trend change.
If a stronger bounce is displayed, the price is likely to retrace last week's highs near 1.09500.
A continued higher move would set a new high for a 4-month trading period.
Meanwhile, if it fails to be back above the 1.09000 level, the price is at risk of falling again and showing a more clear bearish movement pattern.
For the extended price decline, the expectation is for the price to reach back to the 1.08000 zone that was the focus of the early trading last July.
