The focus of trading at the end of last week, the US dollar was seen to successfully show its strengthening pattern again to recover from the decline in the previous few sessions.
Economic data from the United States (US) such as durable goods orders and consumer surveys also support the US dollar with good readings.
The direction of the movement of the US dollar this week will be determined by some important data that is also the focus of the central bank, including employment data and US economic growth.
The data that remains strong will support the continued strengthening of the US dollar while signaling for the Federal Reserve (Fed) to implement more moderate policy easing.
If you look at the movement of the EUR/USD currency pair chart, the price was able to rise close to the level of 1.08400 before retreating back down at the end of the last session last week to around 1.08000.
The price hovered slowly below the 1.08000 zone at the opening of the Asian session earlier this week in addition to signaling a bearish trend movement when it returned below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart.
Although it is expected that the price movement will be slow at the beginning of the week, but the tendency is for the price to decrease lower to the bottom.
The price is likely to make a move past last week's lows around 1.07600 before heading to the next target at 1.07000.
The strengthening of the US dollar for the fifth week in a row will continue to push prices to record new lows.
However, if the situation changes otherwise, the price that makes a jump above 1.08000 has the potential to overcome the high level of last Friday.
Next, the increase will continue to approach the previous concentration zone at 1.09000 and the price reaction will be observed for further direction indicators.
