The price movement on the EUR/USD currency pair chart has remained in the 100 pips sideways zone for several days until trading resumes at the beginning of this week.
The US dollar is traded mixed with the direction of price movement changing in different sessions.
In trading yesterday Tuesday, the US dollar was still seen moving weak before a recovery was shown in the Asian session this Wednesday morning when there was a positive report on global tariff developments.
The United States (US) and China are seen preparing to hold negotiations this week, but Beijing insists that the negotiations must be fair and impartial.
Price movement is expected to remain mixed for several sessions as investors remain cautious ahead of the FOMC meeting.
If observed, the price has made an increase from the 1.13000 support zone in the Asian session yesterday until reaching the 1.13800 level at the end of the New York session.
However, the price decline began to appear in the Asian session this morning before the price leveled off at 1.134000 while testing the Moving Average 50 (MA50) support line on the 1-hour timeframe on the EUR/USD chart.
If yesterday's upward pattern can continue, the resistance zone at 1.14000 will be the target for the price to test after the price movement has been supported below that zone for several weeks.
If the increase succeeds in breaking through it, the target is to head towards the 1.16000 zone with the high of 1.15700 reached in April to be challenged by the price.
On the other hand, if the price is pushed lower, the support zone of 1.13000 will be tested again and the price reaction will be observed to assess the further direction.
Failing to bounce back as before, the price will fall and record the latest 4-week low towards the nearest target at 1.12000.
