Continuing on Thursday's trading, the US dollar was seen still moving strong after market risky sentiment reversed the currency's fading performance earlier in the week.
The US dollar strengthened to a 4 -month high against the Euro while unfavorable developments in Europe added to the pressure on the Euro.
With reports of the spread of the infection on the rise, movement restrictions have been extended in Europe and vaccine distribution has also slowed, prompting the European Union (EU) to threaten to restrict vaccine exports to the UK due to slow shipments.
Investors must see this situation will slow down the process of economic recovery in Europe.
European economic data published on positive yesterday also failed to curb the lower fall in the value of the Euro weighed down by the strengthening US dollar.
The price movement on the chart of the EUR/USD currency pair saw a more pronounced bearish pattern this week after the price dropped lower below the support level of 1.19000.
In Wednesday's trading yesterday, the price still showed a decline even at a slower rate than the previous day's decline.
Continuing trading in the Asian session on Thursday, the price dropped to the level around the 1.18000 support zone that analysts had previously expected.
Investors will assess the price reaction in the zone whether the price is able to make a rebound or fall lower.
If the lower decline continues, the price will likely head to the 1.17000 level to record the latest 4 -month low.
If the price manages to rebound, the SBR (support become resistance) zone at 1.19000 will return to focus again before the bullish trend signal will push higher up to the resistance zone 1.20000.
