EUR/USD Remains Hovering at 3-Month Highs

<p>&nbsp;The absence of recent factors supporting the strengthening of the US dollar has pushed the currency king's dismal performance to continue at the opening earlier this week.</p><p><br /></p><p>In addition, the United States (US) new home sales data for the month of October published in the New York session yesterday also added pressure to the US dollar when the data reading was lower than forecast.</p><p><br /></p><p>Therefore, other major currencies in the market continue to take advantage of the opportunity to record an increase in their respective trading values.</p><p><br /></p><p>So is the Euro, although the increase is slow but remains hovering at a 3-month high against the US dollar.</p><p><br /></p><p>It can be observed on the chart of the EUR/USD currency pair, the price is moving slowly below the 1.09600 level which was the resistance tested last week.</p><p><br /></p><p>There was also a slight decline at the beginning of yesterday's New York session, but the price was supported by the Moving Average 50 (MA50) level on the 1-hour time frame on the chart before the price bounced back up.</p><p><br /></p><p>The price increase is approaching the 1.09600 zone again and the price is flat around it until it continues in the Asian session this morning (Tuesday).</p><p><br /></p><p><br /></p><p>If the bullish pattern is successfully maintained, the price is likely to overcome the resistance of 1.09600 before continuing its rise towards the target at 1.10000.</p><p><br /></p><p>The ongoing depreciation of the US dollar will push prices to record new highs.</p><p><br /></p><p>On the other hand if the price fails to break above 1.096000 and starts to decline below the MA50 support level, this will be an early sign for the price decline to begin.</p><p><br /></p><p>The price could retrace to around 1.09000 before further declines towards the 1.08000 level.</p><p><br /></p><p>Today's focus is on the speech by the FOMC members and also the release of US consumer confidence data with the expected reading of the figure decreasing.</p>