The US dollar was again weak at the opening of the early week on Monday yesterday after showing consolidation at the close of last week's trading.
However, it is still early for investors to determine the direction in the market as uncertainty continues to hit driven by concerns about the impact of the war conflict in the Middle East on the rest of the global market.
The Euro currency managed to rise since yesterday's Asian session until the close of the New York session when the US dollar was still finding its rhythm.
United States (US) retail sales data will be monitored in the New York session later tonight but before that, the ZEW survey of German economic sentiment will be focused first at the beginning of the European session shortly.
Examining the movement chart of the EUR/USD currency pair, the price is seen to bounce back from the current support level of 1.05000 which was reached during last Friday's decline.
The price rise until the end of the New York session reached a height of 1.05600 and the price has also re-crossed the Moving Average 50 (MA50) barrier level which signals a trend change.
If the price increase continues today, the target is to test the 1.06000 level.
If it breaks through, last week's high level at 1.06400 will try for the price to reach back.
Meanwhile, the price decline if it occurs again under the MA50 support will expect the bearish pattern of last week to continue.
The price will test the support of 1.05000 and if it breaks through lower, the decline is seen to lead to the concentration level in early October around 1.04500.
