Investors expected drastic price movements to occur in the New York session last Friday when the US NFP jobs data report was published, but the opposite happened.
The relatively mixed data report invited a passive reaction of the market with the increase in jobs in March in the US was lower than forecast. Yet the average income and unemployment rate are published with good readings.
Thus, the US dollar managed to show a slight improvement, but at a weak momentum.
On the price chart of the EUR/USD pair, it can be seen that the flat price was weak during the New York session last Friday with the lowest level recorded at 1.10300.
Earlier, the price last week had already signaled for a change in the bearish trend after the price that touched the high of 1.11800 again moved lower below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the EUR/USD chart.
Prices that are still moving below the barrier level will expect a lower decline for this week below the 1.1000 level.
If the price manages to plunge below that, the signal for a bearish movement is clearer for the price to move to the previous focus levels around 1.09000 before reaching the support level of 1.09000.
If the opposite happens, a price that makes a rise past the MA50 barrier will signal for a bullish trend change.
The 1.12000 resistance zone that failed to be broken last week will once again be tested before going higher to record the latest 5 -week high.
The target for the next rise is in the zone around 1.12700 and the further higher is towards 1.14000.
The focus will be on US services data and FOMC meeting minutes that will influence the movement of the US dollar this week.
