The movement trend of the US dollar currency changed again on Wednesday yesterday by showing a strengthening compared to the weak performance since the opening of the beginning of last week.
Analysts see that the movement is also seen to be inconsistent with the reading of the United States (US) economic data that was recently published gloomy.
US private sector job growth was lower than forecast, projecting a weak reading as well as the NFP jobs report at the end of the week.
While the ISM survey data of the US service sector recorded a decreasing figure, but was still above the level of 50.0 points.
In addition to being cautious ahead of the release of the NFP report, analysts see the impact of the US dollar's re-strengthening driven by rising recessionary indicators based on bond and stock markets, slightly increasing the appeal of the US dollar as a safe-haven.
However, the US dollar is expected at any time to show a weak movement reaction again.
Assessing the price movement on the chart of the EUR/USD currency pair, the price hovering at the height of 1.09700 began to show a decline again in the New York session yesterday.
The decline in price has approached 1.08900 and triggered an early signal for a bearish move after starting below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart.
If a further decline occurs today (Thursday), the price could re-enter the previous price support zone at 1.08000.
A lower break will drive the price down towards the 1.07000 level or the next concentration level at 1.06000.
On the other hand, if the US dollar weakens again, the price will resume its climb towards the target of 1.1000 which is expected to be the latest resistance zone.
And it is not impossible for a surge higher above that zone for the price to record a recent 12-month high.
