Slow price movements due to investor caution ahead of the United States (US) election with the polls starting today.
The strengthening momentum of the US dollar began to level after the consolidation was on display since last week against other major currencies.
The Euro currency was weak despite European economic data published yesterday recording good readings for the manufacturing sector in Italy, France and Germany.
Meanwhile, US manufacturing PMI data from the ISM survey published in the New York session recorded a higher-than-expected reading with the highest reading since the end of 2018.
On the price movement of the EUR / USD pair chart, the price has been declining over the past week and flat at the trading session earlier this week.
On Monday trading, the price hovered above the support level of 1.16200 before showing an increase at the end of the New York session which continues to the Asian session this morning.
The price is seen slowly testing the Moving Average 50 (MA50) barrier level within the 1 hour time frame of the price movement which will be the benchmark for a bullish trend change.
If the price manages to move higher, the SBR zone (support become resistance) 1.16900 will be the price target before reaching the level of 1.17200.
However, if the price returns again, the support zone of 1.16100 will be tested for the price to continue lowering to a lower level.
The next downside target is seen to the 1.15000 concentration level which became the price resistance level in March before being successfully penetrated in July trading.
