European currencies continue to take advantage of the current tight US dollar which is trading weak towards the end of the week due to the current uncertain market situation.
Ahead of the meeting of the main central banks next week, concerns are more focused on the setting of monetary policy by the Federal Reserve (Fed) which will be the main driver of global financial market movements.
Both the Fed central bank and the European Central Bank (ECB) are forecast to raise interest rates by 50 basis points next week.
After the jobless claims rate in the United States (US) was published yesterday, the focus will be on the producer price index (PPI) data as well as the US consumer confidence survey today.
On the price chart of the EUR/USD currency pair, the price is seen to continue the rising pattern on Thursday yesterday, continuing the rise on the previous day.
After leveling off at the 1.05000 level, the price has risen to a high around 1.05600 at the end of the New York session.
The bullish pattern continued when trading continued in the Asian session this morning (Friday) and headed towards the 1.06000 resistance zone.
If the increase continues successfully, the height reached at the beginning of the week will be overcome before the price records the latest 6-month high.
The target for a move higher is to target at 1.07000.
On the other hand, if the price fails to break the 1.06000 resistance, it is possible that the price could bounce back down and stop back at the 1.05000 support level.
A further drop in price after showing signs of a bearish trend change will push the price towards the previous concentration level around 1.04000.
