With the current supporting factors, the US dollar continued to maintain its strength until yesterday's Thursday trading.
In addition, the United States (US) jobless benefit claims data published yesterday showed a declining number of figures for last week's reading.
The lower reading was interpreted as a positive development for the US economy in addition to a decrease in inflation and encouraging employment data.
If we examine the price movement of the EUR/USD currency pair chart, the downward pattern clearly continued yesterday with the concentration level of 1.08000 having been breached.
The price had reached around 1.07600 in the New York session yesterday to hit a fresh 7-week low before slowing at the end of the session.
The price movement remains unchanged below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart which expects the bearish trend to continue.
Lower decline if it continues today is seen to go towards the latest target which has moved to 1.07000.
The last time the level was touched was in mid-March trading.
Although the price trend seen will continue the downward pattern, but investors need to be aware of the risk at the end of the week with the usual occurrence of profit-taking activities that can change the direction of the price.
A rebound in prices above the 1.08000 level will see the MA50 barrier tested and if breached will signal an early change in the bullish trend.
For the expectation of an extended increase, the price will reach the concentration zone of 1.09000 which was also touched last Tuesday before the target moved to the level of 1.10000.
