Scanning price movements over the past week, the US dollar is seen to have been under pressure by the rise of several major currencies in the market especially European currencies with a focus on the outcome of the central bank meeting.
However, the US dollar regained its initial momentum to strengthen again after the market reacted to an increase in the rate of employment growth in the United States (US) for January compared to expectations for a decline.
The reading for average income also recorded a strengthening, but the unemployment rate was a little disappointing as it rose compared to expectations to remain.
Examining the price movement on the chart of the EUR/USD currency pair, the price has managed to exhibit an upward pattern throughout the week for an indication of a bullish trend change.
The price has made an increase from the support zone of 1.11200 touched last week to the high of 1.14800 reached last Friday with a weekly increase of around 360 pips.
A more significant jump was seen on Thursday following investors' reaction to a hawkish statement by the President of the European central bank (ECB) to boost the value of the Euro towards the end of the week.
However, after reaching the high of 1.14800, the price failed to continue to rise higher beyond the zone which was also the bullish resistance zone in last month's trading.
The decline was seen again on Friday as investors focused on the US NFP jobs report.
Ending trading around the level of 1.14500, the price started trading at the opening of this week with a decline from that level.
However, investors are still optimistic about the bullish trend movement as the price is still moving above the support level of the Moving Average 50 (MA50) on the 1 -hour time frame on the EUR/USD chart.
The continued rise of the price is likely to be able to break the resistance zone of 1.14800 before heading to the next focus level around 1.15300.
The level became a support level in last October's trade before the plummeting price managed to pass it in November's trade.
For bearish expectations, the support level seen to be tested is at 1.14000 before a lower decline will signal a change in the bearish trend.
Further decline in prices will return to the 1.12700 zone which was the price spike zone last week.
