Price movement at the close of last week was slow due to the American market being on holiday on Friday in conjunction with Independence Day.
The US dollar still remained weak as the market focus is now being redirected to the issue of Donald Trump's global tariffs with the 90-day grace period coming to an end.
July 9 is the deadline, but many countries are still seen as having not reached an agreement on negotiations with the United States (US).
If we look at the price movement on the EUR/USD currency pair chart last week, the price decline after the NFP report reaction was published did not continue.
The price instead increased slightly and slowly leveled off throughout Friday below the 1.18000 level which remains a resistance zone.
The horizontal movement continued at the opening of the week, slowly hovering around the Moving Average 50 (MA50) line on the 1-hour timeframe on the EUR/USD chart in the Asian session.
Prices fell slightly at the European open to around 1.17500 as investors look for clearer signs of movement early in the week.
If a decline occurs, the 1.17000 zone is seen as the closest focus to be tested after prices also reacted around that area last week.
Beyond that level, prices will continue to decline towards around 1.16000.
However, if prices make another move after this, the resistance at 1.18000 will once again be a challenge to overcome.
A successful break of that barrier would push prices to a fresh 4-year high with a target of 1.19000.
