After Solid Surge Last Week, EUR/USD Pulls Back To $1.0700

<p>&nbsp;Expected to continue the pattern of last week, on the other hand the US dollar showed positive movement in the early trading yesterday.</p><p><br /></p><p>The market remains wary of the risk of a weakening of the US dollar after the United States (US) NFP jobs report published at the end of last week recorded a declining reading.</p><p><br /></p><p>Therefore, investors expect the decline of the US dollar to continue this week, but the king of the currency is seen to move quite strongly in the New York session yesterday.</p><p><br /></p><p>As shown on the chart of the EUR/USD currency pair, prices initially managed to rise slightly in yesterday's European session above the highs of last week's surge.</p><p><br /></p><p>However, after reaching a high of around 1.07550, the price retreated back down again in the New York session before closing the end of session trade around 1.07200.</p><p><br /></p><p>Slow price movement resumed trading in the Asian session this morning (Tuesday) with prices seen testing the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/USD chart.</p><p><br /></p><p>The price that is also approaching the 1.07000 zone is expected to give an important reaction to the direction of further price movement.</p><p><br /></p><p><br /></p><p>If the price rebounds higher again, the rise is likely to continue to overcome yesterday's highs.</p><p><br /></p><p>Next, the continued bullish trend movement will aim to reach the concentration zone at 1.08000.</p><p><br /></p><p>However, if the price plunges below the 1.07000 zone after crossing the MA50 support level, investors will consider it as an early signal for the bearish price movement to begin.</p><p><br /></p><p>The decline could reach back to around the previous concentration level at 1.06000.</p>