Alamak! Just wanting to give a hint of re -displaying the strengthening, the USD currency seemed to be a bit stagnant during the opening of the November trading session yesterday (Monday).
That is, where the strengthening was hampered by investors who are seen to be taking precautionary measures ahead of the important data that will be published this week, especially involving the US dollar.
Despite the US manufacturing data recording a positive reading, it was completely unable to support the USD and continued to give the Euro a chance to strengthen slightly.
On the price chart of the EUR/USD pair, the price appears to have risen at the opening of November trading earlier this week to head back to the RBS (resistance become support) zone of 1.16000.
The price movement also seems to have started an ascending move during the beginning of the European session and continued to continue the momentum towards the end of the session by producing a jump in excess of 70 pips.
The rise also re -tested the Moving Average 50 (MA50) barrier level in the 1 -hour time frame but the price was seen moving a little slower at the beginning of the Asian session today (Tuesday) like yesterday's trade (Monday).
If the price continues to be supported to jump or ‘rebounce’ in the RBS zone of 1.16000, the price movement is expected to re -reach the previously failed resistance at the level of 1.17000.
The surge will also see prices give early signals for a change in trend as well as the likelihood that investors will likely see recent 4 -week highs.
But if the price only makes a new HL (higher low), the 2021 low around 1.15300 is expected to return to focus as the main level to be tested before the price declines lower.
