The price action on the EUR/USD currency pair chart remains to see the price level at the $1.0000 parity zone for several days towards the end of the week.
Focus remains on the speech by Federal Reserve (Fed) Chairman Jerome Powell at the 2-day Jackson Hole Symposium event that will begin today (Friday) for indications of the central bank's next monetary policy setting.
The publication of the economic growth data of the United States (US) published in the New York session yesterday with slightly good numbers has supported the US dollar to reduce losses in the previous session, but the strengthening is seen to be limited as the data reading still shows signs of contraction in the world's largest economy in the second quarter .
There was an increase in the European session yesterday past the parity level of 1.0000, but the price fell back below that level and was flat until the end of the New York session.
The current price support level is seen at around 0.99500 with the Moving Average 50 (MA50) support level on the 1-hour time frame to be watched for further price movement signals.
If the price remains unable to break above the 1.0000 resistance, it is likely that the price is more likely to experience a lower decline.
A drop past the 0.99000 support level will record the latest 20-year low with a target to reach around 0.98000.
On the other hand, if the price manages to surge and pass 1.0000, the bullish trend change signal will further push expectations for the price towards the next resistance at 1.0100.
The continued increase will also lead to the next concentration level at around 1.01600 which is in the SBR (support become resistance) zone.
