Last Week The Market Was Turbulent, What Are The Expectations Of EUR/USD This Week?


 If observed, volatile market movements have prompted mixed trading for the US dollar over the past week.

Every day the price pattern changes, and at the end of the last trading session, the US dollar is seen to close the curtain for the week with a slight decline.

Investors will continue to be wary of trading this new week, with the main focus being on the United States (US) NFP jobs data report at the end of the week.

The reading of the data is likely to give an insight into the further decision of the monetary policy by the Federal Reserve (Fed) whether it will slow down the policy or tighten the policy again.

Looking at the chart of the EUR/USD currency pair last week, the price is seen to have shown an increase towards the 1.07000 zone.

However, the zone remains a resistance for the price that failed to break through before the bearish pattern reappeared.

Ending a gloomy week-end trade, the price hovered above the 1.06000 zone.

Following the opening of trading earlier this week above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/USD chart, the upside is likely to continue for the price to return to the 1.07000 resistance zone target again.

If successful, the bullish price pattern will continue for the price to reach the height of 1.08000 to test the next resistance.

However, if the US dollar dominates again and pressures the price to drop below 1.06000, the decline is seen to go to the support level at the beginning of last week around 1.05300.

Next, the 1.05000 support zone is waiting to be tested on the continuing downward pattern.