Compared to the lively movement at the close of last week, prices moved slowly on the major charts at the opening of the week.
The US dollar currency avoided further declines after being affected by the reaction of the US (US) NFP employment report which was published in decline for the July reading.
Investors are cautiously awaiting the latest indicators this week for a clearer direction and assessing trading risks.
The ISM survey data for the US services sector will be watched in the New York session tonight which will influence further movements of the US dollar.
Observing the EUR/USD currency pair chart, the price has moved horizontally throughout Monday yesterday below the resistance level of 1.16000.
The price movement remained slow between the 1.15000 to 1.16000 range until the opening of the Asian session this morning (Tuesday).
The price is above the 50 Moving Average (MA50) support line on the 1-hour timeframe of the EUR/USD chart after breaking through it last Friday, still suggesting a bullish price movement.
However, to move higher, the price needs to first break through the resistance at 1.16000 before continuing its upward trend.
Next, the 1.17000 level and the 1.18000 resistance zone will be the next price targets with a clearer bullish movement signal.
If on the other hand the price fails to make a rise above 1.16000 and retreats back down, the 1.15000 level is seen as an initial area to approach.
Continuing the decline lower, the 1.14000 support level will be tested again as in last week's trading.
