Trading earlier this week saw the US dollar maintain its strength for the fourth day in a row and put pressure on other major currencies such as the Australian dollar and the Pound Sterling in the market.
In addition to the risky market sentiment that drives investor demand for the US dollar as a safe-haven currency, analysts also see Joe Biden's $ 1.9 trillion economic plan factors will inject a boost in US treasury revenue.
However, as trading slowed into the New York session yesterday, investors again saw the momentum of the strengthening of the US dollar slightly fade until trading resumed in the Asian session this morning (Tuesday).
As the price movement is displayed on the EUR / USD currency pair chart, the decline is relatively slow before the bullish price is re-displayed after the price reaches a low of almost 1.20500.
The Asian session today saw the price make a higher rebound to the level of 1.21000 and test the resistance level of the Moving Average 50 (MA50) within the 1 hour time frame of the price movement.
A rise in price beyond the barrier will signal an early change in the bullish price trend on the EUR / USD chart again.
Prices are likely to soar towards the SBR zone (support become resistance) previously around 1.21500-1.21800.
However, if the price resumes the decline, the key focus is seen as low as 1.20000.
The level was successfully overtaken by a rise in early December trading.
