The US dollar remained dominant with continued strengthening in the New York session yesterday after the economic data of the United States (US) was published with positive figures.
The second reading of US economic growth data for the first quarter of 2023 rose to 1.3% compared to the previous reading of 1.1%.
Meanwhile, US unemployment benefit claims data recorded a low increase of 229,000 (225,000 before) compared to the forecast of 249,000.
Although slow, the US dollar is still seen to maintain its strength towards the end of the week.
The price chart of the EUR/USD currency pair saw the price continue to decline approaching the concentration level of 1.07000.
However, the price leveled above that area at the end of the New York session until the early opening of the Asian session this morning (Friday).
Price movement remains below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart indicating a bearish trend.
If the decline continues, the price is seen to try to test the 1.07000 level or succeed in breaking lower if the US dollar remains strong and pressures the price to fall.
The next price target will move at 1.06000 for further declines and the price will also record a recent 10-week low.
However, if the price rises again, breaking the MA50 barrier would expect the price to retest the resistance at the 1.08000 level.
After passing it, then the price will go back to the 1.09000 zone with a bullish trend change signal for the price.
