The recovery of the US dollar at the end of last week put pressure on the trading of other major currencies in the market.
CrowdStrike's turbulent situation also supported demand for the US dollar as a safe-haven currency to trade stable at the close of last week's sessions.
Indicators this week will be seen in the United States (US) economic growth data for the second quarter of 2024 as well as the PCE price index data.
The Euro currency is seen to depreciate again after successfully showing an increase to the highest level in 4 months.
The euro began to move lower since last Wednesday after the market evaluated the results of the European Central Bank (ECB) policy meeting which kept interest rates unchanged and there were no new indications for the direction of monetary policy by President Christine Lagarde.
If you look at the price movement on the EUR/USD currency pair chart last week, the price has managed to reach a 4-month high near 1.09500.
However, the decline in prices is seen returning to the 1.09000 focus zone and the price hovered around that until the opening of the market earlier this week.
A bearish signal for the price that is below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart which expects the price to continue the decline further lower.
A drop from the 1.09000 zone will see the price move towards the level around 1.08000 which is also the price concentration zone in early July trading.
However, if the price manages to jump from the 1.09000 zone and break through the MA50 barrier, there is potential for price increases to occur again this week.
The bullish price will try to recapture last week's highs or surge higher to record new highs towards the 1.10000 target.
