The US dollar experienced a drastic drop in value in the last trading session of last week, reacting to the NFP employment report being published.
The estimated decline in July numbers has raised expectations for a rate cut by the Federal Reserve (Fed) to be implemented at its September meeting.
President Donald Trump, who was upset by the report, fired a Bureau of Labor Statistics commissioner, claiming that the numbers were manipulated for political purposes.
If you look at the EUR/USD currency pair chart, the price, which had been flat above the 1.14000 support level since Thursday, finally showed a significant surge in the New York session last Friday.
The jump of almost 200 pips approached the 1.16000 level at the end of the week.
The price broke through 1.15000 and also the Moving Average 50 (MA50) line on the 1-hour timeframe on the EUR/USD chart, which triggered a price trend change signal.
Slow movement below the 1.16000 zone at the opening of the session earlier this week, but it is likely that the upward trend will continue.
If it passes 1.16000, the price increase will continue higher towards several focus zones from the previous week such as 1.17000 or the resistance zone of 1.18000.
On the other hand, if the price retreats again this week, the 1.15000 level will be the initial target to approach.
If it is pushed lower, the support zone of 1.14000 last week will be tested again.
