Market movements on Wednesday yesterday were lively but somewhat mixed, especially entering the trading session of New York.
The US dollar initially began to show a decline but managed to gain again towards the close of the session.
Investors will be more cautious at the end of this week while awaiting the release of United States (US) inflation data and the FOMC meeting next week.
Views are still mixed, but most expect the Federal Reserve (Fed) to likely keep interest rates unchanged at current levels.
If the chart of the EUR/USD currency pair is examined, the price initially moves down to the support level of 1.06700 before exhibiting a surge of up to 70 pips breaking through the level of 1.07000.
The high reached in the New York session was at 1.07400 before the price plunged back to around 1.07000 and hovered slowly around that until the session ended.
US jobless benefit claims data that will be published today is likely to drive the direction of the US dollar.
If the price increase takes place, the high of 1.07400 reached yesterday will try to be re-targeted.
Beyond that level, the price will continue to rise reaching last week's level around 1.07700 before testing the resistance zone at 1.08000.
Be on the lookout for a bearish trend where the current support level at 1.06700 will be tested again.
A lower drop will target the 1.06000 level which is seen as potentially the latest support zone for the price.
