EUR/USD Will Hit $1.0800 Before This Week Ends?

<p>&nbsp;The price movement on the EUR/USD currency pair chart is flat above the 1.08500 level for 2 consecutive days.</p><p><br /></p><p>The US dollar currency continues to be watched as the economic data of the United States (US) published becomes an indicator for the monetary policy of the central bank hereafter.</p><p><br /></p><p>Most recently, US retail sales data yesterday was also published with positive figures, further reducing expectations for policy easing to be implemented.</p><p><br /></p><p>Although somewhat mixed, the US dollar is seen to be showing a recovery pattern this week, hovering at a 1-month high.</p><p><br /></p><p>On the EUR/USD chart, the price increase in the Asian session yesterday tested the 1.09000 zone before showing a drop back to the 1.08500 level which is the current support level.</p><p><br /></p><p>The price remains hovering around the Moving Average 50 (MA50) line on the 1-hour time frame of the chart as investors watch for further direction of price movement.</p><p><br /></p><p><br /></p><p>If the US dollar manages to maintain its strength, the price decline could take place below the 1.08500 support level.</p><p><br /></p><p>The target is to reach around 1.08000 to record a recent 5-week low.</p><p><br /></p><p>However, if the price increase starts to show again after this, the resistance level at 1.10000 will again be the focus to be tested.</p><p><br /></p><p>Once the strong resistance is successfully broken through, then the bullish trend movement will be more clearly expected to reach 1.11000.</p>