EUR/UDS Up Again, Overcoming Last Week's Level!


The US dollar remains moving in a gloomy performance after the data published in the New York session yesterday was also present with a 'red' reading.

The survey of the service sector in the United States (US) showed a slight decrease for February, but the figure was still above the 50.0 point level.

Investors will be looking forward to Federal Reserve (Fed) Chairman Jerome Powell's testimony today in Washington DC before focus turns to the US NFP jobs data report at the end of the week.

When examining the price movement on the chart of the EUR/USD currency pair, the price increase was still shown yesterday.

After flat prices in the Asian and European sessions, a surge in prices took place in the New York session as the US dollar experienced another decline.

The increase is seen to have successfully overcome last week's trading levels by reaching around 1.08750 before retreating back to around 1.08500 continuing trading in the Asian session this morning.

If the rising price pattern continues successfully after this, the resistance zone at 1.09000 will be tested and is expected to invite an attractive price reaction around that.

A move higher beyond that zone could happen after there is a clearer signal for a bullish move for the price.

But be alert if the price shows signs of making a decline again after failing to continue the previous rising pattern.

The closest target is for the price to reach back to the 1.08000 concentration zone to be tested like last week.