Price movements on the EUR / USD pair chart continued to show a bearish pattern throughout the week with the Euro remaining weak against the US dollar last week.
The risk of pandemic transmission in Europe is growing alarming with the daily reading of infection cases urging some major economic countries to face movement restrictions that will cripple European economic activity.
While the US dollar remains in demand as a safe-haven trade ahead of this week's US presidential election.
Cases of high virus infection and political uncertainty in the US make investors see the market at risk with risk-off sentiment will give an advantage to the US dollar.
The weekly decline of over 200 pips on the EUR / USD chart shows the price remaining in a bearish trend below the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement.
Last Friday, the bullish price only tested the level of 1.17000 in the SBR zone (support become resistance) before making another decline to close trading at the latest 4-week low around 1.16400.
The start of trading at the beginning of this week is still slow around the patas with the expectation of a lower decline to the support zone 1.16100 which was the price support level in last September trading.
If the price rises above the dynamic barrier MA50, the price levels are seen to return to focus is at 1.17200 before the higher rise to the SBR zone 1.18000.
