The US dollar showed mixed movements on Tuesday yesterday, but finally returned to show strengthening at the close of trading in the New York session.
Focus has been directed to the release of United States (US) retail sales data for July with readings showing increased figures, supporting the US dollar to maintain a positive performance.
The minutes of the FOMC meeting will be scrutinized on the report published at 2 o'clock in the morning which may influence the further movement of the US dollar.
If examined on the chart of the EUR/USD currency pair, there was an increase in the price yesterday to the level of 1.09500 but the price was pushed back down again by 50 pips.
The US dollar, which is still showing its strengthening, pressures the price to the important level of 1.09000 again and the horizontal price movement around it in the Asian trading session this morning (Wednesday).
Also, the price moving below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the EUR/USD chart signals a still bearish movement.
If a further decline in price occurs below the 1.09000 zone, the price could reach the next target zone at 1.08000.
A drop to that level would also mark the price's latest low in a 9-week trading period.
On the other hand, if the price suddenly exhibits a surge, breaking the MA50 barrier will push the price back up to the 1.10000 resistance level.
If that level is also successfully penetrated, the price will go to the concentration zone at 1.10400 which still restrains the price from continuing to rise to a higher level for a few weeks.
