Against the US dollar, the Euro was seen weakening throughout the week with market focus on Thursday focused on the European Union (EU) conference as well as European central bank monetary policy meetings.
European Central Bank (ECB) President Christine Lagarde gave clear indications last week of a larger stimulus fund injection through the PEPP program and more long-term loan subsidies for banks will be formed to be the backbone of the policy.
While the US dollar is beginning to show signs of re-strengthening in the market after a weak move until last week.
On the EUR / USD currency pair chart, the price has shown a horizontal movement since the beginning of the week after last week's rise has reached the high of 1.21800.
After making a decline, the price moved horizontally below the level of 1.21500 until the decline above the level of RBS (resistance become support) 1.20900 on Wednesday has given a bearish trend.
The price is seen to be re-testing the 1.20900 level before continuing the decline this week likely towards the RBS 1.20000 zone.
On the other hand, if the price manages to pass the level of 1.20900 and also the resistance level of Moving Average 50 (MA50) in the 1 hour time frame of price movement, investors will be ready for a bullish price trend change again.
The price increase will test the resistance zone 1.21500-1.21800 before the higher rise will record the latest high level of April 2018.
