The price movement on the EUR / USD pair chart shows an increase in today's Asian session following the US dollar continuing its depreciation at the start of 2021 trading.
In the last week, which was the close of 2020 trading, prices showed a slight decline on the last day of trading, possibly a profit-taking factor after continued sales of the US dollar throughout the week.
The price zone of 1.2300 is seen as a resistance for the price before the price drops below the Moving Average 50 (MA50) barrier level which is likely to signal the beginning of the bearish trend.
The price increase at the beginning of today's session tested the SBR zone (support become resistance) 1.22500 rising 30 pips from the opening level of the price.
The zone will be tested as well as the dynamic barrier of MA50 which will be the price resistance to give a bearish trend indicator.
If the price makes an increase past the SBR zone 1.22500 and also the MA50 barrier, the resistance zone at 1.23000 will again be tested before the price shows a higher rise.
However, if the price declines lower, the RBS zone (resistance become support) 1.21800-1.20900 will be tested before the lower decline will lead to the RBS zone 1.20900.
As for the Euro, investors will focus on economic data to assess the manufacturing sector in Europe.
