EUR/USD Analysis – $1.0600 Level Fails to Be Touched, Price Falls Again

<p>&nbsp;Strength began to be demonstrated again by the US dollar in New York session trading last night after investors witnessed a gloomy movement the previous day.</p><p><br /></p><p>The United States (US) 10-year treasury yield peaked to its highest level since 2007, topping 4.90%.</p><p><br /></p><p>The tensions of the Hamas-Israel war conflict are also seen as a factor that still provides encouragement for the US dollar to strengthen its pull as a safe-haven.</p><p><br /></p><p>Other major currencies are again under pressure with the reinstatement of the US dollar, including the anti-dollar currency, namely the Euro.</p><p><br /></p><p>As shown in the EUR/USD currency pair chart, the previous price increase almost touched the 1.06000 level, but the price has retreated again.</p><p><br /></p><p>With the downward pattern displayed on Wednesday night, the price fell again to around 1.05300.</p><p><br /></p><p>The decline that has exceeded the support of the Moving Average 50 (MA50) on the 1 hour time frame on the chart indicates a tendency for prices to fall further downwards.</p><p><br /></p><p><br /></p><p>The target seen is the 1.05000 level which was crossed at the closing trade last week and is the current support for the price.</p><p><br /></p><p>If this level is penetrated, the price will continue its bearish movement towards the support zone at the beginning of October around 1.04500.</p><p><br /></p><p>Meanwhile, for the potential for initial price increases to overcome the MA50 barrier, the resistance zone at 1.06000 is still a target for price to test.</p><p><br /></p><p>If the price finally manages to break through this obstacle, a rise higher is seen to test the high reached last week, namely around 1.06400.</p>