Starting trading in the first week of February, the opening of the Asian session saw the US dollar slightly stronger before moving weaker again.
Market sentiment was also influenced by the heated issue of the battle between a combination of retail investors and hedge fun companies in Gamestop shares last week.
Rising concerns by investors could potentially boost the value of the US dollar this week, but investors remain cautious ahead of the US NFP employment data report over the weekend.
Vaccine issues as well as economic stimulus packages by President Joe Biden remain under scrutiny which will also affect the direction of the currency market this week.
Investors will be looking at price movements in the European and New York sessions for clearer directions for major currencies.
On the EUR / USD key pair price chart, the price is seen still moving slowly and horizontally in today's Asian session around the price level of 1.21300.
In last Friday's trade, the price was seen to have shown an increase but after testing the resistance level of 1.21500, the price declined again and closed the trade slightly below that level.
Price movements are still above the support level of Moving Average 50 (MA50) on the 1 hour time frame which signals for a bullish bullish trend over the weekend.
If the uptrend continues, the resistance level of 1.21500 will be aimed again for the price to test the resistance zone,
Passing the resistance zone 1.21500-1.21800 will push the price towards the SBR zone (support become resistance) at 1.22200.
However if the price makes a fall below the support level of MA50, the price support zone is seen at 1.20900.
After the signal of a bearish trend change, the key support level at 1.20000 is seen to be the main focus destination of the price.
