Need to Worry About EUR/USD Surge at June Close?

<p>&nbsp;Investors were not particularly surprised by the counter-trend movement by the US dollar at the close of trading last week which indicated a weakening.</p><p><br /></p><p>The probability is already expected with the depreciation of the US dollar affected by profit taking activities after the continuous strengthening of the king of the currency.</p><p><br /></p><p>The decline at the end of the week was triggered when the United States (US) consumer personal spending index data was published with slower figures compared to the previous month.</p><p><br /></p><p>However, analysts put a positive outlook on the US dollar based on hawkish signals by the Federal Reserve (Fed) supported by encouraging economic growth data for the first quarter of 2023.</p><p><br /></p><p>The FOMC minutes as well as the US NFP employment data report this week will be a guide for further policy setting by the central bank.</p><p><br /></p><p>https://soundcloud.com/intradaydotmy/sis-fx-usd-di-minggu-bergora-37</p><p><br /></p><p>Examining the price chart of the EUR/USD pair, the bearish pattern displayed was broken at the end of the week when closing the trading curtain of the second quarter of the year.</p><p><br /></p><p>After a drop to 1.08400, the price showed a bounce of almost 100 pips to the 1.09300 level before settling above 1.09000 to close the New York session.</p><p><br /></p><p><br /></p><p>Continuing the early opening of the new week and month today (Monday), the price remained sluggish above the 1.09000 zone and also moved above the support level of the Moving Average 50 (MA50) on the 1-hour time frame as an early signal of a trend change.</p><p><br /></p><p>If the rising pattern continues again, the price is seen to reach the height of 1.10000 which is the resistance when making the price.</p><p><br /></p><p>A break above that level will support the price hitting its latest 8-week high.</p><p><br /></p><p>However, if the price plunges to move below the MA50 support again it will be an early sign for the price to continue the decline of last week.</p><p><br /></p><p>Overcoming last week's low of 1.08400, the price will test the concentration zone at 1.08000 and the price reaction will be examined for further movement indicators.</p>