The US NFP employment report was the focus of trading in the last session of last week but was seen to have no significant impact on the movement of the US dollar.
Examining the report, the increase in jobs in America in February was good, surpassing the previous month, but failed to reach the target. Meanwhile, the unemployment rate, which is expected to remain, has also increased.
Overall, the February employment report was considered gloomy and is seen to continue to put pressure on the US dollar, which has weakened throughout last week.
Despite its status as a safe-haven currency, the US dollar weakened significantly due to the risk of US economic growth being affected by the tariff war.
Observing the price movement on the EUR/USD currency pair chart, the price has managed to record a weekly increase of up to 500 pips starting from the 1.04000 level at the beginning of the week.
At the end of the week, the price approached the 1.09000 zone before retreating slightly at the close of the last trading session above 1.08000.
The bullish trend movement signal is still maintained by the price still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart.
With the expectation that the upward price pattern will continue, the 1.09000 zone as the nearest resistance is expected to be broken.
Next, the price will continue to rise towards the next target at 1.1000, thus recording the latest 5-month high.
However, if the price starts to decline below the 1.08000 level, investors should be prepared as an early warning for a change in the bearish trend.
The price decline will re-cross several previous focus levels on the rise such as at the 1.07000 and 1.06000 levels which are close to the current level.
