A right move for the US dollar at the opening of the week when it displayed moderate strengthening after declining slightly in the final sessions of last week.
Investors focused on President Donald Trump's meeting with Ukrainian President Volodymyr Zelenskiy on Monday to discuss a resolution to the war with Russia.
Watching the US dollar's movement closely, investors will wait for the FOMC meeting minutes report and also the US manufacturing and services PMI data that will be published this week.
If we examine the movement of the EUR/USD currency pair chart, the price started slowly at the opening of the Asian session yesterday Monday morning around the 1.17000 zone before starting to show signs of decline.
Declining in the European session until continuing to the New York session, the price fell around 1.16600 with a bearish signal observed when the price began to move below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the chart.
The expectation for further price declines is seen to reach around 1.16000 for the current support level to be tested again this week.
If the price fails to bounce like last week, the price that breaks lower risks falling to around 1.15000.
However, if the price manages to bounce back up, the 1.17000 zone will become an important resistance to be tested and broken before signaling a trend change.
Supporting a higher price increase, last week's high level around 1.17300 will be challenged and then the target will shift to the 1.18000 focus zone.
