The price movement on the chart of the EUR/USD currency pair is seen to remain in the horizontal zone for the past few weeks.
Last Friday, there was a rise in price testing the resistance level at 1.02400 before the decline occurred again in the European session to the support level of 1.01600.
However, closing the last trading session of the week, the price bounced back and ended trading around 1.02200.
Investors will focus on the movement of the US dollar this week ahead of the US NFP jobs data report after the currency king's dismal movement for several weeks since the FOMC meeting.
The Euro currency is predicted to remain gloomy due to the energy crisis involving Europe and Russia, although the Euro is supported by the monetary policy tightening measures of the European Central Bank (ECB).
Following the market opening earlier this week, the price on the EUR/USD chart slowed and slightly rose to the 1.02400 level again testing that resistance earlier this week.
Price movement seen above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/USD chart signals for prices to continue moving higher.
If the rise continues, the price is expected to break through the resistance in the zone up to 1.03000 before extending the bullish movement.
A move higher will target the 1.04000 level for the price to record the latest 4-week high.
On the other hand, if a downward pattern is displayed, the support level at 1.01600 will be the focus to be tested before the continued decline is seen to reach the 1.0100 level.
Passing the RBS (resistance become support) zone will expect a lower drop to reach the main support zone at 1.0000.
The US manufacturing sector ISM survey data will be scrutinized by investors in the New York session tonight which is seen to affect the US dollar and movements on the price chart.
