The opening trade of the beginning of the week yesterday was gloomy, seeing the movement of the US dollar currency relatively flat.
However, there is still positive momentum for the currency king after the United States (US) NFP jobs report published last Friday showed strong figures for September.
However, the lack of focus economic data at the beginning of this week is expected to slow down the market momentum before important data such as US inflation is published at the end of the week.
If you look at the movement of the EUR/USD currency yesterday Monday, the price was flat throughout the day starting from the Asian session until the close of the New York session.
Not extending the decline beyond last Friday's lows that reached 1.09500, the price simply leveled below the 1.1000 zone until trading resumed in the Asian session this morning (Tuesday).
However, the trend is seen to remain bearish seeing that the price is still moving below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart.
Expectations are still in favor of the US dollar continuing its strengthening and prices will continue to decline to recent lows.
The closest target for the price is to head towards the concentration zone around 1.09000 after the last time the price tracked that level was in the trade on August 8.
Meanwhile, the price increase that successfully crossed the MA50 barrier and the 1.10000 level could give an early signal for a change in the trend.
For the successful increase to continue after that, the 1.11000 zone is seen to be an important area to be tested before the next movement direction is evaluated based on the reaction displayed.
