Price movements at the end of this week remain uncertain, seeing the US dollar trade weak again in the New York session yesterday.
This situation, however, did not surprise investors who had expected market uncertainty at the end of March to end the first quarter of 2023.
The decline of the US dollar yesterday was seen as a reaction to the change in the last reading of the economic growth of the United States (US) which slightly decreased compared to expectations to remain.
The Euro currency is seen taking advantage of the opportunity to rise against the US dollar after investors were first presented with the release of German inflation data in the European session.
For the March reading, monthly inflation remained at 0.8%, better than expected to decrease to 0.7%. Meanwhile, German annual inflation fell to 7.4% compared to 8.7% the previous month, which is the lowest level since August 2022.
The price chart of the EUR/USD currency pair again displayed a rising pattern on Thursday yesterday, seeing the price reach the level of 1.09250.
This shows that the price has made an increase back to test the high price zone reached in the last week.
The bullish price pattern is expected to be maintained while the price is still moving above the Moving Average 50 (MA50) support level on the 1-hour time frame on the EUR/USD chart.
If the rise continues, the price will record its latest 8-week high with a target to test the next resistance at 1.10000.
However, it should be noted that trading at the end of the week is more risky and the price can change direction to make a decrease again.
Failure to overcome last week's highs is likely to push prices back down and close the last day of March trading lower than yesterday.
The nearest support level for the price is at 1.08000 and if the signal of a trend change is clearer, the price will start a decline towards the previous concentration levels at 1.07000 and 1.06000.
