Starting trading earlier this week, the US dollar moved lower after a disappointment in the US NFP (US) employment data report on Friday had a negative impact on the US dollar.
The US dollar depreciated against other major currencies in the market as investors returned to their holdings of the US dollar after last week showed a strengthening.
Hopes for optimism for the US economic recovery faded after seeing the employment sector still affected. But analysts also expect the US dollar depreciation situation to be temporary.
On the price chart for the EUR / USD major currency pair, the price rebounded after last week's downtrend to hit a low of around 1.19500.
Based on the pattern of price movement, there is an indicator of trend change after the price starts to jump past the Moving Average 50 (MA50) barrier level in the 1 hour time frame.
Beyond the resistance at 1.20000, the price continued to rise at the end of last week's New York session to the SBR (support become resistance) level of 1.20550.
Continuing trading at the beginning of the Asian session for the start of this week, prices fell slightly from that level with price movements seen still slow.
German industrial production data to be published in the European session is seen to drive price movements on the EUR / USD chart today.
If the price continues to rise, the SBR zone 1.20550-1.20900 will be tested before the higher increase which is successfully continued the price will head towards the resistance zone 1.21800.
On the other hand if the price plunges again, the support level is seen at the level of 1.20000 before the downtrend will test last week's low of 1.19500.
Next the main support zone at 1.19000 will be the price focus destination on the downward price trend.
