The release of ISM survey data for the manufacturing sector in the United States (US) for July, which did not show significant changes in figures compared to expectations and previous readings, was seen to have no impact on the movement of the US dollar.
The US dollar remained hovering at its lowest level since mid-July even in a risky environment with investors still focused on economic recession factors.
The movement of the US dollar is likely to be expected to be gloomy heading into the end of the week as investors await the release of the US NFP jobs data report on Friday.
The Euro currency managed to survive from continuing to fall in value at the beginning of the week taking advantage of the depreciation situation by the US dollar.
However, investors will be wary of the risk of a fall in the Euro with the economic crisis currently hitting Europe.
The price movement on the chart of the EUR/USD currency pair is seen to continue the rising pattern at the opening of the early week yesterday albeit at a slower pace.
The price moving above the 1.02400 level is seen to have increased slightly in continued trading in the Asian session this morning (Tuesday), but has not yet crossed the 1.03000 barrier.
The price movement is still in a bullish trend where the price is moving above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart.
If the rally continues, a break above the 1.03000 level will trigger expectations for a further surge and record a recent 4-week high.
The target for a move higher is to head towards the resistance level at around 1.04000.
However, if the price returns to decline again, a break below the 1.02400 level and the MA50 support level will signal a bearish trend change.
The continued decline is seen to go towards the previous concentration levels such as at 1.01600 and 1.01000 will be tested at the RBS (resistance become support) zone.
