EUR/USD Shows Up 70 Pips, Price Wants to Reach Back $1.1000?

<p>&nbsp;The US dollar remained in a gloomy mood against the Euro starting from the opening of the beginning of the week until Tuesday yesterday.</p><p><br /></p><p>After showing poor performance, the US dollar recovered slightly with the release of some positive economic data from the United States (US).</p><p><br /></p><p>Durable goods order data recorded high figures for May, in addition to US consumer confidence data and retail sales also showed encouraging readings.</p><p><br /></p><p>This slightly hinders the strengthening momentum of the Euro which still has room after the European central bank (ECB) still maintains its hawkish stance on monetary policy.</p><p><br /></p><p>Price movements are translated on the EUR/USD currency pair chart with yesterday's daily gain of around 70 pips shown.</p><p><br /></p><p>The price that began to move above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart in the Asian session yesterday continued to rise, continuing into the European session reaching 1.09750.</p><p><br /></p><p>However, after the data was published, prices retreated slightly and leveled off before closing the end of the New York session around 1.09600.</p><p><br /></p><p>If the price still maintains the upward pattern after this, the price increase is expected to touch the important level of 1.10000 again.</p><p><br /></p><p><br /></p><p>The resistance level reached last week will be tested again before the price can record the latest 7-week high with the target moving up to 1.12000.</p><p><br /></p><p>However, if the strengthening of the US dollar is more significant, the price is likely to be pushed down past the MA50 support and the 1.09000 level.</p><p><br /></p><p>After assessing the bearish movement signals, investors will be ready for a drop in price towards the 1.08000 concentration zone after breaking through the lows reached last week.</p><p><br /></p><p>The focus will now be on the ECB forum attended by key central bank governors including Christine Lagarde and Jerome Powell.</p><p><br /></p><p>Any indication of central bank monetary policy could affect both the Euro and the US dollar.</p>