The US dollar maintained its strength until the end of the week with concerns still weighing on the market.
United States (US) unemployment benefit claims data published in the New York session yesterday showed the reading for the previous week was lower than forecast.
This added support to the US dollar following upbeat service sector survey data published on Wednesday.
However, despite still maintaining the strengthening, the US dollar's momentum is fading with investors becoming increasingly wary of the risks in trade at the end of the week.
As shown on the chart of the EUR/USD currency pair, the price dropped to a new low in the New York session yesterday, but the pattern of decline is not very obvious.
The 1.07000 zone was tested but prices were seen struggling to break through it with prices rebounding slightly in continued trading in the Asian session this morning (Friday).
The Euro currency is expected to continue to face pressure after the updated European economic growth data declined for the second quarter of 2023.
If the price falls lower below the 1.07000 zone, the decline could continue further to the target at 1.06000.
This will go on to record the latest record low price for the 6-month trading period.
However, if the price breaks through the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart, it will signal a change in trend again.
The price increase will lead to the level of 1.08000 which is seen as a resistance to be tested again by the price.
Next, only last week's concentration zone at 1.08800 and 1.09000 will be targeted to be reached on the rise that continues higher.
