The US dollar is seen to have relaxed a bit of momentum at the end of last week's trading, successfully maintaining its excellent performance for 3 consecutive weeks.
Analysts had expected the situation following profit-taking activities by market players at the end of the week and the decline of the US dollar could continue at the beginning of the week in the absence of focal economic data.
Expectations of a less aggressive Federal Reserve (Fed) monetary policy for the November meeting will continue to support the increase in the value of the US dollar.
But investors will also continue to observe the latest news that is present and can influence changes in the current sentiment of the market.
The euro rose slightly after pressure began to ease at the end of last week, but is at risk of further declines after the European central bank (ECB) cut interest rates at its meeting last week.
On the chart of the EUR/USD currency pair, it can be seen that the price reached the latest 11-week low last Thursday at around 1.08100.
But it slowly increased on Friday to close the last trading session of the week near the 1.08700 level.
A price increase that crosses the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart gives an early warning to watch out for a trend change.
If the rally continues, the price is seen to test the resistance at the 1.09000 concentration zone again.
After crossing it, the signal is more clear for a bullish movement of the price which will push the rise towards around 1.10000.
On the other hand, if the price falls again this week, the 1.08000 support zone remains the expected target to be tested.
In fact, the price could fall below that zone to continue to record new lows again this week.
