EUR/USD Slowly Climbs Towards $1.0800 SBR Zone


The weak movement of the US dollar was seen to continue in Wednesday's trade yesterday and analysts warned that the situation would remain until the end of the week.

The lack of factors that drive the movement of the US dollar makes investors more cautious after the change in direction that occurs.

At the beginning of the week, the US dollar maintained its strength from the previous week's momentum, but again weakened in the middle of the week.

However, analysts still see the advantage of the US dollar based on the economic data of the United States (US) which has the potential to support the further strengthening of the US dollar.

If observed on the chart of the EUR/USD currency pair, the price plunge that occurred at the beginning of the week has reached a level around 1.07230.

However, the price showed an increase again until yesterday's trading on Wednesday to a level around 1.07800.

A bullish trend change signal is observed when the price starts to move above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart.

The price increase is expected to continue towards the 1.08000 level to test the SBR (support become resistance) zone.

The price reaction will be observed, if the breakthrough is higher it will encourage the price to continue the bullish movement towards the previous resistance zone at 1.09000.

On the other hand, if the price fails to break through the SBR 1.08000 zone, it is possible that the price could plunge back down.

The level reached at the beginning of the week will be the focus to be tested before the price will reach the support zone at 1.07000.