EUR/USD Hits 120 Pips As NFP Is Published!

<p>&nbsp;The US dollar started the new year's opening trading on a positive note last week, continuing its strengthening momentum at the close of 2023.</p><p><br /></p><p>However, market movements were seen to start to level off towards the end of the week before the United States (US) NFP jobs data report published on Friday showed a jittery movement.</p><p><br /></p><p>The US dollar strengthened as soon as the data was published with all components of the report rated positive for December, but the strengthening failed to continue.</p><p><br /></p><p>A reversal later saw the US dollar weaken significantly before ending the last trading session for the week on a low note.</p><p><br /></p><p>Examining the price chart of the EUR/USD currency pair on Friday, the price pressed low touching the 1.08800 level which is the lowest level of the price since trading last December 13.</p><p><br /></p><p>Later, the price jumped 120 pips to the 1.10000 level before retreating to close the end of the session around 1.09400.</p><p><br /></p><p>The slow price movement in the vicinity continued the opening of the trading session of the Asian session earlier this week.</p><p><br /></p><p><br /></p><p>The next market focus will be on the US inflation data that will be published this week for a clearer indication of the direction of the movement.</p><p><br /></p><p>For the expectation of a price increase if it happens, the resistance is at the 1.10000 level to be tested again.</p><p><br /></p><p>If successful, the increase is expected to continue towards the concentration zone around 1.10700 to 1.11000.</p><p><br /></p><p>On the other hand, if the price decline occurs, the lowest level reached last week is likely to be exceeded for the bearish price trend to continue.</p><p><br /></p><p>A lower decline is seen to be heading towards the concentration level of 1.08000 and the price reaction around that will be observed.</p>