Examining the reading of the weekly unemployment claims data in the United States (US) in the New York session yesterday, the published figure is 'red', higher at 228,000 than the expected 200,000.
Although the reading for last week was down from the updated 246,000 reading increase (previously 198,000), the higher-than-low figure added to the decline in the employment component.
Even so, as in the previous situation, the US dollar still managed to survive from falling lower even though the movement in the New York session was quite mixed.
Other major currencies including the Euro still have the chance to gain an increase with the expectation that the US dollar is still on its way down.
Euro trading was slightly supported by the release of German industrial production data which recorded positive readings published in the European session yesterday.
The price chart of the EUR/USD currency pair, if observed, displays a rather horizontal movement coral.
Hovering above the 1.08900 level yesterday, the daily resistance level is 1.09300 with movement in the range of around 40 to 50 pips.
Prices are also seen to be slow around the Moving Average 50 (MA50) level which has not yet given a clear indication of further price movements at the end of this week.
Market focus will be on the United States (US) NFP employment data report in the New York session shortly to get a clearer direction.
If the upside is to happen, the resistance level at 1.10000 is waiting to be tested and the price has the potential to jump higher if the US dollar experiences a more significant weakening effect.
The price will record the latest 12-month high before the target begins to move to the 1.12000 zone.
However if the price plunges, the support level at 1.08000 will be watched to see if it is able to hold the price from falling lower.
Failing to rebound the price, the decline will continue towards the trading focus levels of the previous weeks around 1.07000 and 1.06000.
