The US dollar showed positive trading performance at the opening of the early week yesterday, to recover slightly from the decline that was shown at the close of last week.
However, the strengthening of the US dollar was limited in the New York session with the published United States (US) economic data.
The reading of durable goods orders data and the gloomy consumer confidence survey failed to provide support for the US dollar to be more prominent.
A change in price direction can be observed on the EUR/USD currency pair chart yesterday which did not continue the increase at the end of last week.
The price did not manage to continue the increase beyond 1.04500 but instead showed a decrease in the European session to the 1.04000 zone.
The price movement in the New York session was seen to remain flat in the focus zone until continuing at the opening of the Asian session this morning (Tuesday).
With the market uncertainty towards the close of 2024 trading, it is difficult for investors to see a clear direction and will continue to be cautious of volatile price movements.
If there is a breakout from the 1.04000 zone, the price increase is expected to head back to around 1.05000.
The zone was the focus of the price last week when the situation before the plunge occurred which was triggered by the FOMC meeting.
Meanwhile, for the expectation of a price decline, the price is likely to test the level reached last week around 1.03500 which is the current support for the price.
A lower decline expects the price to touch the focus level at 1.03000 in addition to recording the latest low this year.
