There was no change in market sentiment as the US dollar remained trading weak on Tuesday yesterday.
The king of currencies continued to depreciate against most major currencies with the latest economic data readings.
The number of job offers in the United States (US) in February reportedly fell below 10 million, the first time in almost 2 years.
This follows the dismal pace of PCE index data and the US manufacturing sector survey published earlier, prompting the Federal Reserve (Fed) to further ease their monetary policy.
This situation should give the Euro currency an advantage to continue its increase in value to a higher level compared to the US dollar this week.
It can be observed that the price movement on the chart of the EUR/USD currency pair continued its ascent to the latest high level overcoming the important resistance zone at 1.09000.
The surge in yesterday's New York session reached the level of 1.09700, the highest price level for a 9-week trading period.
Now the target for the price which is expected to maintain the uptrend is going to test the important level at 1.1000 and is likely to break to higher levels.
Next, the latest target will move to a height of around 1.12000.
However, if the 1.1000 zone fails to be broken, instead the price starts to turn downwards, investors will be alert to any indication of a change in trend.
For expectations of a decline, the price is seen to return towards the support zone at 1.08000 which was hit at the opening earlier this week.
A further decline could lead back to previous focus levels at 1.07000 or 1.06000.
The focus in the New York session tonight is on the US ADP employment data as well as the ISM survey for the US service sector which will drive further movement of the US dollar.
