As expected, the market movement at the opening of the early week yesterday was still slow due to the fact that most banks were still closed.
Investors are anxiously awaiting a clearer reaction to price movements, especially at the opening of the New York session today.
Also in focus will be the release of United States (US) consumer confidence data that will assess household surveys and provide insight into consumer spending and economic activity.
The US dollar remained flat throughout the New York session yesterday until continuing at the opening of the Asian session this morning (Tuesday).
Looking at the price chart of the EUR/USD currency pair, the price remains floating above the 1.07000 zone which has been a price support level since last week.
The initial rise in the Asian session only reached 1.07400 before the decline occurred again in the European session pushing the price down towards 1.07000.
The price movement is back below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart, signaling bearishness again.
A more severe drop in price will be expected if the drop breaks through the 1.07000 support after this.
Next, the price will be pushed to reach the next concentration level which is at 1.06000.
The opposite situation will occur if the price shows a rebound from the 1.07000 zone while breaking through the MA50 barrier to signal a trend change.
The price increase will reach the resistance level at 1.08000 before continuing to climb higher to the target zone of 1.09000.
