Investors are still looking at the US dollar will maintain its strength this week after rising demand for the currency earlier in the week.
The US dollar surge was due to market sentiment back to risk due to concerns over the second wave of the Coronavirus that is now invading Europe.
Thus, in addition to the significant strengthening of the US dollar in the market, the Euro currency is under pressure due to the economic recovery stunted by the re-emergence of pandemics.
The pressure hindered the momentum of the previous strengthening of the Euro with investor confidence in the European central bank's policy in support of last week's Euro rise.
Economic data in today's European session will be focused on which will affect the movement of the Euro currency.
The price movement on the price chart for the EUR / USD pair, the price has shown a bearish pattern for 3 days from the beginning of the week.
Prices are still moving below the Moving Average 50 (MA50) barrier level which indicates the trend remains bearish.
Yesterday's price decline has broken the support level of 1.17200 which has been the price support level since July and August.
In this morning's Asian session, prices have continued to lower below the 1.17000 level with the US dollar remaining in a good performance.
The bearish move is expected to hit the 1.16000 support zone before the slow-moving price tests the zone.
The price increase is seen to re-test the level of 1.17000-1.17200 which forms the latest SBR (support become resistance) zone.
The next rise will return to the previous price zone around 1.18000.
