Market movements heading into the end of the week remain mixed as investors continue to digest Federal Reserve (Fed) Chairman Jerome Powell's views on somewhat confusing monetary policy.
After the United States (US) NFP employment report was published strongly, Powell was seen to not significantly change his forecast for interest rates, expecting inflation to decline this year.
However, the US dollar still managed to show some strengthening in trading in the New York session yesterday due to the hawkish view by some Fed officials.
The President of the New York Fed, John Williams, who assessed the strong US labor sector, said interest rate hikes should continue to reach 5.00%-5.25%.
Different from the signal from Europe when the officials of the European Central Bank (ECB) stated that the central bank still needs to continue policy tightening measures by raising interest rates.
However, the Euro currency was seen to fail to stand out in yesterday's trading which saw the price movement still lose to the US dollar.
On the chart of the EUR/USD currency pair, the price shows a mixed movement in a range of 50 pips between the 1.07600 and 1.07100 levels.
The price drop below the Moving Average 50 (MA50) resistance level again on the 1-hour time frame of the EUR/USD chart at the end of the New York session, giving a bearish signal for the price.
The price decline is likely to continue if the price drops below the 1.07000 level and will test the lowest level reached last Tuesday around 1.06700.
However, if the price successfully rises at the end of this week's trading, the increase will go to the level of 1.08000 for the price to test the SBR (support become resistance) zone.
The continuation of higher increases will push the price back to the concentration zones of the previous week around 1.09000 and the resistance zone of 1.1000.
