Although it is not very clear, investors began to see the direction of market movement at the opening early this week as the US dollar showed its value falling again.
After the strengthening momentum began to fade at the end of the week, investors are more cautious for this week ahead of important data involving the employment component in the United States (US).
Before the ADP and NFP data become the focus, the focus was first given to the JOLTS data report in the New York session tonight which measures the number of job offers in the US in March.
Examining the price movement on the EUR/USD currency pair chart on Monday yesterday, the previous horizontal zone has been successfully broken.
If you look, the price movement was 'trapped' between the support of 1.13000 and the resistance of 1.14000 at the end of last week.
However, in the New York session yesterday, the price increase began to exceed 1.14000 following the US dollar's depreciation.
Reaching around 1.14200, the price started to decline again in the Asian session this morning (Tuesday) but still hovered above the Moving Average 50 (MA50) support line on the 1-hour time frame of the EUR/USD chart which maintained a bullish signal.
For a more convincing upward pattern, the price needs to break through the 1.14000 resistance zone before continuing to higher levels.
Next, the previous week's high of 1.15700 will be challenged before the price tests the 1.16000 resistance zone.
Conversely, if the price plunges again, the 1.13000 support zone will be tested after successfully containing the decline for 2 consecutive weeks.
If the zone is finally broken, the signal of a bearish price movement will be clearer and then target previous focus levels such as 1.12000 and the 1.11000 zone.
