The strengthening of the US dollar that was displayed on Thursday last week after the reaction of the good United States (US) retail sales data failed to be maintained.
On the other hand, the king of the currency returned to move weakly again at the end of the week.
In addition to the gloomy housing data, the US dollar is seen moving back on track with the focus returning to the expected interest rate cut by the Federal Reserve (Fed) at the September meeting.
Observing the price movement taking place on the chart of the EUR/USD currency pair, the rise has been shown again above the 1.10000 level recovering from the previous fall.
The price gave a bullish signal again in the movement at the end of the week with the increase that passed the 1.10000 level seen also crossing the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame of the chart.
The price approached 1.10300 at the close of the last session of the week and remained hovering around that at the opening of the Asian session earlier this week.
The price increase is expected to surpass the height of the level reached last week which is 1.10470 before the price records the latest high level of 2024.
The target is for the price to reach around 1.11000 and it is expected that there will be an interesting reaction in that focus zone.
Meanwhile, the price is at risk of falling again if the direction of price movement starts to change and drop below the 1.10000 level.
Having also been below the MA50 barrier line again, a decline in price can be expected to take place towards the 1.09000 zone.
