EUR/USD Breaks Out To 3-Month High!

<p>&nbsp;The US dollar continued its decline at the close of trade last week after moving flat the previous few days.</p><p><br /></p><p>The euro was among the currencies that managed to take advantage of the situation to strengthen to a 3-month high against the US dollar.</p><p><br /></p><p>With the economic data of the United States (US) published and digested by investors, the majority sees the monetary policy of the Federal Reserve (Fed) heading towards an easing phase.</p><p><br /></p><p>The focus will be on the FOMC meeting minutes report this week which will be published along with some important economic data.</p><p><br /></p><p>Examining the price chart of the EUR/USD currency pair, the price managed to climb higher in the last session of the week to break through the horizontal zone of the previous few days' movement.</p><p><br /></p><p>The latest high reached at the close of last week was around 1.09100 with the price remaining above the Moving Average 50 (MA50) support level on the 1-hour time frame on the chart for a bullish signal.</p><p><br /></p><p>Slow price movements continue the opening of trading in the Asian session this morning (Monday) but prices are seen to continue the upward trend.</p><p><br /></p><p><br /></p><p>The expectation for the continued higher rise is to head towards the 1.10000 level which is expected to display an interesting reaction around that.</p><p><br /></p><p>The last time the price traded at that level was in August trading before the price continued to fall until October.</p><p><br /></p><p>However, be alert if there is a retracement of the price below the MA50 support level and it can be an early signal of a trend reversal.</p><p><br /></p><p>The initial drop in price is seen to test the 1.08000 level and if it breaks through lower, the price target is at 1.07000.</p>