The US dollar started trading earlier in the week with a strengthening at the opening of the Asian market session on Monday morning after closing trading on a gloomy weekend.
Analysts expect the US dollar to strengthen this week ahead of the FOMC meeting which will be a key event this week.
In addition, the Russia-Ukraine crisis also invited concerns in the market while supporting the strengthening of the US dollar as a safe-haven currency.
On the EUR/USD price chart, the price is seen to have made a decline to the level of around 1.13000 last week with a restrained rise on the resistance of the Moving Average 50 (MA50) on the 1 hour time frame.
Returning to signal a bearish trend, the price moved back below the MA50 barrier level on the downside in the Asian session this morning connected to the European session market.
The forthcoming decline will lead to the support level around 1.12500-1.12400 to record the latest 5-week low after successfully supporting the price from the lower decline in last December's trading.
The lower decline will lead to the support zone at 1.12000 which is the lowest price zone in 2021 trading.
However, if the price returns to rise again, the resistance zone that will be tested by the price is seen to be at the level of 1.14000.
Higher gains that successfully break the SBR (support become resistance) zone will continue to rise towards the focus level around 1.14500 and the 1.14800 high zone.
