As expected, the price movement at the beginning of the week until yesterday's New York session remained slow, seeing the trading of the US dollar also relatively flat.
The uncertain market environment is seen to still favor the US dollar as a safe-haven currency after tensions in the Middle East erupted last week, although the situation has calmed down a bit at the moment.
Investors are cautious for the movement of the US dollar ahead of the release of United States (US) inflation data on Thursday and also the minutes of the FOMC meeting.
While the Euro currency faces the risk of experiencing a fall following the signal that the European Central Bank (ECB) will lower interest rates at its October meeting.
If you look at the movement of the EUR/USD currency pair chart, the price has been flat since opening at the beginning of the week until Tuesday yesterday, moving below the 1.10000 zone.
Signals for a trend change are observed on price movement around the Moving Average 50 (MA50) line on the 1-hour time frame of the chart.
If the US dollar continues to strengthen after this, the price will continue to move in a bearish pattern and record the latest lows.
The target for a lower decline is towards the concentration zone at 1.09000.
On the other hand, if the price makes an increase past the 1.10000 level, there will be expectations for a change in price direction to begin.
The price rally is likely to continue towards the previous concentration level at 1.11000.
