Starting trading earlier this week saw the depreciation of the US dollar as the opening of the Asian market session opened.
Vaccine sentiment remained the focus of investors this week after several vaccine companies revealed positive results on the level of effectiveness of their respective vaccines.
However, investor confidence is limited by the spread of pandemics at alarming levels.
Most recently, last Friday it was reported that the number of deaths due to Coronavirus reached 11,752, the highest number of deaths recorded since the pandemic began.
This is likely to push for more movement restrictions and be a sign that slowing down the global economic recovery.
This factor could also make the US dollar strengthen again in the market due to the increasing demand for safe-haven currencies.
For an initial signal, investors will focus on reading data on the manufacturing and services sectors in Europe, the UK and the US to get an overview of current economic health.
On the price chart of the major currency pairs EUR / USD, the price is seen showing an increase at the beginning of the week. However, can prices penetrate higher than last week's trading?
For a continued rise, the resistance level at 1.19000 will be re-tested after several attempts last week failed to pass it.
If the price manages to make a move past the resistance zone, the level of 1.20000 will be the target of the destination on a higher rise.
On the other hand, if the price returns to decline again this week, the price support level is seen around 1.18000 in the RBS zone (resistance become support).
