EUR / USD Test Parasic Barriers 1.19000, Can You Break Into?

 The US dollar continues to trade weakly towards the end of the week coupled with the key US sales data for October published weak in the New York session overnight.


While looking forward to further developments in vaccine tests after reports of positive perforation of order, the continued increase in virus outbreaks has undermined the confidence of the breeders.


The US dollar's weak performance in the market has given room for other major currencies to increase slightly despite the volatile market sentiment.


As shown in the EUR / USD price chart overnight, the price persists on its previous upward trend towards the 1.19000 resistance zone.


However, after almost touching the 1.19000 high level, the price made its original decline again so that it continued into the Asian session this morning.


Trading in the Asian session saw prices testing the support level of the Moving Average 50 (MA50) on the framework of the 1 hour period of price movements that will signal the next direction.


The continued decline will signal a change in the bearish trend in the EUR / USD chart for today with the expectation of a decline in prices to the 1.18000 pedestal zone.



However, if the price continues to increase, the barrier face 1.19000 will continue to be tested and it is likely that it will be breached.


Onwards, the price will record a new high level towards the obstacle level around 1,20000.