The Euro continued its excellent performance last week in trading on Tuesday when supported by hopes for the United States' (US) proposal for a 30-day ceasefire between Ukraine and Russia.
Meanwhile, the US dollar continued to move weakly following the issue of the escalating tariff war that is seen to affect US economic growth and lead to a recession.
Therefore, after the gloomy US NFP employment report was published last Friday, investors will focus on US inflation data to be published in the New York session tonight.
Observing the movement on the EUR/USD currency pair chart, after leveling off at the beginning of the week, the price continued yesterday's upward trend to a new 5-month high.
The price increase exceeded the 1.09000 zone with a high of 1.09400 reached at the end of the New York session before the price retreated slightly at the opening of the Asian session this morning.
The trend remains bullish with the price movement still above the Moving Average 50 (MA50) support line on the 1-hour timeframe of the EUR/USD chart.
Hovering slowly in the 1.09000 zone during the Asian session, the price is expected to continue its rise higher in the following sessions.
For further increases, the target will shift to the latest focus zone around 1.10000.
On the other hand, if there is a decline, the price is likely to stop and test the important zone at 1.08000.
Investors will be watching for clearer indications of a change in the price trend before the decline heads towards the nearest focus levels at 1.07000 and 1.06000.
