It seems that the USD is back to benefit as a safe-haven currency after the risk of the contagion of the Omicron variant is increasingly worrying the world following the latest report from the UK.
As a result, it has little to support the USD to strengthen while still gaining support from hawkish statements by the Federal Reserve (Fed) ahead of this week's FOMC meeting.
However, investors are also expected to watch the European Central Bank (ECB) meeting this week to see the central bank's reaction in implementing its policy plan.
Monitoring the price to the chart of the EUR/USD currency pair, it seems that the SBR (support become resistance) zone of 1.13000 still remains the focus as the most difficult zone to break.
That is, the zone is seen to continue to prevent the price movement from continuing to jump to fall back until it continues to the European session to reach the support level again around 1.12650.
Yet the price exhibited an attempt to rise in the New York session yesterday (Monday) but still failed to break through that focus zone and eventually fell back at the end of the session.
There seems to be a support level around 1.12650 which often supports a price spike which is totally likely investors will evaluate the reaction at that level before looking for the latest target.
If the price movement continues to make a lower decline above the support level, it is expected to push the price to retrace the trendline of resistance and the support zone of 1.12000.
But on the other hand the SBR 1.13000 zone will remain the main focus in the expectation to be reached first before expecting the price to be able to penetrate the zone to return to climb.
A more intense climb will drive the price to reach a high of around 1.13500 and it is likely that the price will be able to move to the SBR zone 1.14000 in continuing the bullish trend.
