The Euro depreciated on Thursday trading after hitting a 3-month high against the US dollar following concerns over rising cases of Coronavirus infection in Europe.
The US dollar continued to show a gloomy performance this week with the sentiment of the Coronavirus vaccine as well as mixed US economic data.
However, the depreciation of the US dollar is less significant and flatter with investors still wary if there is a new risk in the market for investors willing to buy the US dollar again.
On the chart of the EUR / USD currency pair, yesterday saw the price that has recorded the latest 12-week high of around 1.19400 return to the RBS zone (resistance become support) 1.19000.
Failing to continue lowering below the zone, the price moved up again to close the New York session trading above the Moving Average 50 (MA50) support level on the 1-hour price movement on the EUR / USD chart.
Analysts see the situation signal for the price to continue rising as long as the RBS 1.19000 zone fails to break through the price.
A higher rise is expected to reach a high level of 1.20000 after the price manages to cross the focus zone around 1.19500.
However, if the price manages to break below the 1.19000 level, the 1.18000 support level in the previous RBS zone will return to focus.
