The latest US NFP employment report published in the New York session last Friday has once again strengthened the US dollar.
The increase in jobs in December jumped higher than expected while the unemployment rate fell from the previous month.
The situation that supports the expectation that the Federal Reserve (Fed) will slow down its policy easing ahead of its meeting in early 2025 has given an additional boost to the US dollar.
Observing the price movement on the EUR/USD currency pair chart at the end of last week, the price plunged as soon as the report was published.
After leveling off for several sessions in the 1.03000 zone, the price continued to decline almost touching the target level at 1.02000.
The price movement remains in a bearish trend that is seen to be blocked by the Moving Average 50 (MA50) line on the 1-hour time frame on the EUR/USD chart.
Closing the last trading session last week at around 1.02400, the price remained slow around that area at the opening of the Asian session earlier this week.
However, the tendency for the price is to continue the downward trend lower with the expectation of the 1.02000 zone as the nearest target for the price.
If the price plunges past that zone, the latest 3-year low will be recorded with the target shifting to around 1.01000.
On the other hand, if the price rebounds again, the nearest resistance that the price will test is seen at 1.03000.
Passing that level and also the MA50 barrier will give an early signal for a change in the price trend.
