Market sentiment remained unchanged as the US dollar continued to strengthen in the market while other major currencies traded.
There are signs that the economy is starting to slow down in Europe as well as the United States (US) due to concerns over the second wave of Coronavirus returning.
The Euro continued to depreciate with concerns over rising cases of infection in Europe as well as economic data involving the manufacturing and services sectors is mixed.
The Federal Reserve (Fed) also warned that the US economy needs additional financial support in the face of the latest pandemic.
On the price movement chart of the EUR / USD currency pair, the price continues to decline until the fourth day in a row after a significant decline in prices starting at the beginning of the week.
The trend remains bearish with price movements still below the Moving Average 50 (MA50) barrier level in the 1-hour time frame of price movement.
The price increase was also displayed yesterday, but the price failed to pass the SBR zone (support become resistance) 1.17200 before continuing the decline.
The expected price decline for this week is likely to hit a low around the 1.16000 support zone.
On the other hand, if the price rises again, the SBR zone 1.17200 will be tested again. A successful rise above that level will signal the beginning of a bullish trend change.
