Market movements are still seen to be flat throughout this week with investors becoming increasingly wary of being in the market at the end of 2022.
The gloomy US dollar at the beginning of the week showed little positive price movement as strengthening began to be exhibited starting with the release of the United States (US) consumer confidence data published last Wednesday.
And in the New York session on Thursday yesterday saw the final reading for US economic growth with a higher reading than expected to remain at the level of 2.9% which is 3.2%.
These encouraging economic data readings somewhat highlighted the US dollar against other major currencies heading into the close of trading this week.
On the price chart of the EUR/USD currency pair, prices are still seen moving in a horizontal zone throughout the week.
Yesterday's rise reached levels around 1.06600 before plunging back below the 1.06000 zone and ending the New York session around that.
In addition to the strengthening of the US dollar, the price moving below the Moving Average 50 (MA50) barrier again also signals for a bearish price movement.
The price hovering slowly in the Asian session this morning (Friday) around 1.06000 is expected to continue its lower decline to head towards the concentration zone at 1.05000.
Continuing the bearish pattern of the price will push the decline until it reaches around 1.04000.
However, if the price shows a rebound from the 1.06000 zone, the rise is likely to head towards the 1.07000 level for the price to test the resistance zone.
The next move higher will target 1.08000 to record the latest 6-month high.
