EUR/USD Will Hit $1.0800 Before This Week Ends?


 The price movement on the EUR/USD currency pair chart is flat above the 1.08500 level for 2 consecutive days.

The US dollar currency continues to be watched as the economic data of the United States (US) published becomes an indicator for the monetary policy of the central bank hereafter.

Most recently, US retail sales data yesterday was also published with positive figures, further reducing expectations for policy easing to be implemented.

Although somewhat mixed, the US dollar is seen to be showing a recovery pattern this week, hovering at a 1-month high.

On the EUR/USD chart, the price increase in the Asian session yesterday tested the 1.09000 zone before showing a drop back to the 1.08500 level which is the current support level.

The price remains hovering around the Moving Average 50 (MA50) line on the 1-hour time frame of the chart as investors watch for further direction of price movement.

If the US dollar manages to maintain its strength, the price decline could take place below the 1.08500 support level.

The target is to reach around 1.08000 to record a recent 5-week low.

However, if the price increase starts to show again after this, the resistance level at 1.10000 will again be the focus to be tested.

Once the strong resistance is successfully broken through, then the bullish trend movement will be more clearly expected to reach 1.11000.