The market movement at the beginning of the week yesterday was still slow with investors examining the main economic data that will adorn the market throughout the week.
The focus will be on the ECB forum event in Sintra, Portugal which will involve the governors of the main central banks as a panel including Jerome Powell (FED), Andrew Bailey (BOE), Kazuo Ueda (BOJ) and Christine Lagarde herself.
The US dollar currency moved sluggishly on Monday yesterday, failing to give investors a clear direction until trading into the New York session.
If you look at the chart of the EUR/USD currency pair, the price is only hovering slowly in the range of 30 pips by moving around the 1.09000 zone throughout the night.
The attempted price increase is also seen to be held back by the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the chart before leveling off and closing the New York trading session around 1.09050.
Price movement remained slow continuing the opening of the Asian session this morning (Tuesday) with the 1.09000 zone seen to continue to be tested.
If there is a clear signal for a bullish move, the resistance level at 1.10000 remains a target to break after it was reached last week.
The price will record the latest 7-week high if it crosses 1.10000 with expectations towards 1.10700 or reaching 1.12000.
On the other hand if the price plunges after this, the lowest level reached last week around 1.08500 will be the closest level to target first.
Next, the price will continue its decline towards the concentration zone at 1.08000 or even lower if the US dollar has started to show its strengthening again.
