Not Rising, Not Falling, Where is EUR/USD Going?

<p>&nbsp;Market movements were slow at the beginning of the week as analysts expected after the turbulence of the previous week.</p><p><br /></p><p>The US dollar is seen to be still maintaining the strengthening momentum at the end of last week, but the momentum is slowing down.</p><p><br /></p><p>Investors will be waiting for some economic data from the United States (US) to serve as the next indication of the Federal Reserve's (Fed) 2024 monetary policy picture.</p><p><br /></p><p>US consumer confidence data, the final reading of third quarter GDP as well as the inflation component of the PCE index will be in focus.</p><p><br /></p><p>Although the US dollar still pressured other major currencies at the beginning of the week, the Euro was seen to have managed to survive the decline.</p><p><br /></p><p>It can be observed on the chart of the EUR/USD currency pair, the price was flat above the 1.09000 zone throughout yesterday's trading, not continuing the downward trend of last Friday.</p><p><br /></p><p>However, investors are still wary of the bearish signal that the price is seen to remain moving below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the chart.</p><p><br /></p><p><br /></p><p>It is likely that the decline that did not occur yesterday will be shown today to surpass the level reached at the end of last week.</p><p><br /></p><p>The target for a lower price extension is around 1.08000 which was the focal level in the previous week's trade.</p><p><br /></p><p>On the other hand, if the price shows a rebound again, the resistance at the 1.10000 level will once again be tested after failing to break through last week's increase.</p><p><br /></p><p>The price will record the latest 5-month high to the target level of 1.11000 if the rise continues.</p>