Although quite mixed, the US dollar ended trading at the end of last week stable.
Investors remain cautiously awaiting important data this week with the main focus being on the last FOMC meeting for 2024.
Today (Monday), the focus will first be on the release of manufacturing and services PMI data in Europe and the United States (US) which will influence the movement of the Euro and US dollar.
Examining the EUR/USD currency pair chart, the price has shown a decline to reach 1.04530 last Friday, becoming the lowest level for 2-week trading.
However, there was a rebound before the price hovered around the 1.05000 zone at the close of the last session of the week.
The price began to move above the Moving Average 50 (MA50) support line if observed on the 1-hour time frame on the EUR/USD chart, giving a bullish signal for the opening early this week.
The price is slowly hovering above 1.05000, but investors are still watching for the next clues for a clearer signal of the direction of the price movement.
If the price manages to continue its rise, the closest target to be reached is around 1.06000.
The zone still remains a resistance for the price that has been tested several times in previous weeks but has not been successfully broken.
Meanwhile, if the price drops below the 1.05000 zone again, investors will be wary of the signal to continue the movement pattern of last week.
If the price declines beyond the level reached last week, the price will target the next focus zone at around 1.04000.
