Investors remain wary of trading early this week as price movements have yet to show a clear direction.
The US dollar showed mixed movements with declines in the European session before flatlining in the New York session trading yesterday.
Analysts expect a clearer direction in prices today (Tuesday) which will be driven by the release of US consumer survey data and JOLTS employment data.
If you look at the movement on the chart of the EUR/USD currency pair, the price did not continue to fall lower after the US dollar 'climbed' to strengthen again at the close of trading last week.
The price is seen to have moved back above the 1.08000 zone again after the increase shown before flatlining and closing the end of the New York session around 1.08100.
The price that started to be slightly above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart is seen by investors as an early sign for the bullish pattern to continue.
If the US dollar remains weak, the price will rise higher to overcome the high level of last Friday around 1.08400.
The continued rise is expected to re-approach the 1.09000 focus zone and price reaction around that will be watched.
However, if the price drops back below the 1.08000 zone, investors will be prepared for a possible further decline in price.
The price drop could pass the lowest level reached last week around 1.07600 before recording the latest 4-month low towards the target of 1.07000.
