Once again, the thick wall on the chart of the EUR/USD currency pair failed to be breached in an attempt at the beginning of the week yesterday.
Closing the trading of the last day of the third quarter of 2024 yesterday, the US dollar managed to show strengthening in the New York session which was also supported by the speech by Federal Reserve (Fed) Chairman Jerome Powell who had a slightly hawkish tone.
Market analysts still warn that the US dollar continues to face pressure with the expectation that the strengthening situation that occurs is only temporary.
Changes in the direction of prices will be determined by the latest data to be published this week with the main focus being on the United States (US) NFP jobs report on Friday.
On the EUR/USD chart, the price showed yesterday's rise to the 1.12000 level to once again test the resistance zone.
However, just like the situation last week, the resistance is still immune to being breached, seeing the price bounce back down again.
The decrease of around 80-90 pips is seen to be approaching the 1.11000 focus zone which is seen as the RBS (resistance become support) zone for the price.
It also gives an early signal of a change in the bearish trend when the price drops below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the EUR/USD chart.
If the price continues to decline below the 1.11000 zone, the price is expected to extend the decline towards the previous concentration zone at 1.10000.
However, if the price rebound is displayed again, the price increase will return to 1.12000 to once again challenge the thick wall.
A move higher that finally manages to break through to the top will record a recent high with a target shift at 1.13000.
Today's price movements will be driven by European inflation data and some US economic data in the New York session which will affect both the Euro and the US dollar.
