The price movement at the beginning of the week yesterday mixed with the gloomy USD dollar failed to show a clear direction.
The euro also moved slowly as investors cautiously awaited the outcome of the European central bank's (ECB) policy meeting this week.
Investors will be looking for further guidance from ECB President Christine Lagarde when no statement on interest rate cuts has been made before.
Next week, the focus will be on the FOMC meeting for the market to know the real answer to monetary policy setting in early 2024.
Examining the price chart of the EUR/USD currency pair, the price moved slowly yesterday in a range of 30 pips between the 1.09100 and 1.08800 levels.
Continuing trading in the Asian session today (Tuesday), the price is still hovering in the 1.09000 zone and is also seen testing the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the chart.
If the price further declines below the 1.09000 zone, the decline could likely break below last week's level of 1.08500.
Continuing the decline, the price will reach around 1.08000 to record the latest 6-week low.
Meanwhile, if the price makes an increase from the 1.09000 zone, the target is to reach the height of 1.10000 again.
That level remains the target resistance for price to test after trading in the previous week was seen to fail to break through.
See the picture of the price chart of the EUR/USD pair below for your technical analysis reference.
The chart displayed above uses the SaracenMarkets platform, open your trading account at SaracenMarkets today. – CLICK HERE – START TRADING NOW
