The US dollar is still seen continuing its strengthening momentum at the end of last week's trade, dispelling analysts' expectations for the currency's depreciation earlier.
The US dollar is still moving around a 2-month high after recording its biggest weekly rise in the past week since April.
Market sentiment is still seen as risky by investors with the latest wave of Coronavirus as well as several other global issues. However, investors may be wary of the US dollar depreciation over the weekend ahead of the US NFP employment data report.
Meanwhile, the Euro remained weak at 2-month lows following a sharp increase in cases of viral infections across Europe with the expectation that sanctions will increase in many more areas in the near future.
If this trend continues in the market this week, it is very likely that price movements on the EUR / USD currency pair chart will remain bearish.
Moving below the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement, the latest 9-week low was recorded reaching 1.16100 last Friday.
The level is also a zone of RBS (resistance become support) which will determine whether the price will continue to decline lower or become a turning point in the uptrend again.
A lower decline is expected to lead to the next focus zone at the level of 1.15000.
On the other hand, if the price jumps again and passes the MA50 barrier, it is likely that a trend change will occur with the initial rise in price towards the SBR zone (support become resistance) 1.17200.
