EUR/USD Breaks $1.1000 Hits New Highs Again!

<p>&nbsp;It is expected to be quiet and slow, but the market movement at the beginning of the week has started to be brisk, especially in the New York session with the heat of last week's NFP still being felt.</p><p><br /></p><p>The US dollar continued to decline until the end of the New York session, continuing the momentum of the movement when the United States (US) NFP employment report was published last Friday.</p><p><br /></p><p>However, there was a surprise for investors in the early opening of the New York session that saw the US dollar strengthen first before continuing to shrink.</p><p><br /></p><p>This is influenced by the statement by Federal Reserve (Fed) officials who stated that interest rate hikes will continue, making the US dollar strong for a while.</p><p><br /></p><p>Even so, the cycle of policy tightening by the central bank is said to be coming to an end, causing the US dollar to weaken again expecting that the central bank will move to the policy easing phase after this.</p><p><br /></p><p><br /></p><p><br /></p><p>The price chart of the EUR/USD currency pair was observed to be flat in the Asian and European sessions yesterday, but started to pick up in the next session.</p><p><br /></p><p>The opening of the New York session saw the price slightly depressed to the 1.09500 level before finally surging to reach the 1.1000 concentration level.</p><p><br /></p><p><br /></p><p>The level is a resistance for the price that was tested in trading last June when it recorded the highest level in 2 months.</p><p><br /></p><p>Now, the price that continued to rise in the Asian session this morning (Tuesday) passed the 1.1000 level and broke a new record high.</p><p><br /></p><p>Price movement above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/USD chart suggests a bullish trend.</p><p><br /></p><p>If the price increase continues, the price will test the 1.10700 zone before the higher target will move to 1.12000 to target.</p><p><br /></p><p>Meanwhile, if the price fails to hold above 1.10000, a price drop can occur back to the 1.09000 zone.</p><p><br /></p><p>The continued decline will lead to a concentration zone that will be a support for the price at 1.08000.</p>