Early week trading saw the US dollar leading the market with the strengthening momentum that has been displayed since the close of last week.
Also supporting the situation was when the New York manufacturing activity data reading in April recorded a recovery for the first time in 5 weeks.
Analysts remain of the view that the recovery that occurred in the US dollar is only temporary and will return to moving weakly in the market ahead of the FOMC meeting in early May after examining the latest inflation data.
If we examine the price movement on the chart of the EUR/USD currency pair yesterday, the price hovering below the 1.1000 level continues the downward pattern until it reaches the 1.09100 level.
Slow price movement continued trading in the Asian session this morning (Tuesday) above the 1.09000 zone with a bearish signal remaining for prices below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the EUR/USD chart.
If the situation remains unchanged, the price may continue to decline lower and show a more clear bearish movement towards the concentration zone at 1.08000.
Next, the target of continued price decline is seen to be heading towards around 1.07000 for a 4-week record low price.
On the other hand, if the US dollar weakens again in the market, the price will rise again and test the closest resistance at 1.10000.
Then, the increase will continue again to reach the height reached last week around 1.107000 before the price records the latest high level again this week.
Will affect the movement of the Euro currency today, investors will focus on the release of ZEW survey data in Germany as the largest economy in Europe.
