The US dollar traded better at the opening of the first session earlier this week after closing last week's trade somewhat gloomy as it was influenced by published data.
In the New York session last Friday, the producer price index (PPI) of the United States (US) was published with readings in September falling lower than forecast figures.
The market still maintains expectations for interest rate cuts by the Federal Reserve (Fed) to continue at the November meeting, however it is likely that policy easing will not be as aggressive as before.
If you look at the movements on the EUR/USD currency pair chart, the price is seen to be moving in a bearish trend last week with the latest low reached on Thursday at 1.09000.
Movement below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart still signals for the bearish price trend to continue this week.
The price drop if continued will penetrate the current support zone at 1.09000 before recording the latest low again.
The next target is for the price to reach the concentration zone at 1.08000.
If the price moves in the opposite direction, the upside is seen to face resistance around 1.10000 before signaling a stronger move higher.
With the trend change signal, the price will continue to rise to the previous focus levels such as 1.11000 and resistance 1.12000.
Investors will be wary of Euro movements this week ahead of the European central bank's (ECB) policy meeting after a 60 basis point cut in interest rates last September.
