The Euro currency was seen recovering slightly on Wednesday yesterday as the US dollar began to move weaker as trade approached the end of the week.
The United States (US) ADP employment data report, which measures the number of private sector jobs, recorded a figure that was lower than forecast.
This provides a negative preliminary picture for the US NFP jobs report that will be published on Friday, becoming an important indication for the Federal Reserve (Fed) to determine their monetary policy.
Observing the price movement on the chart of the EUR/USD currency pair, the price which was flat at the level of 1.04500 before has started to show a surge again in the European session yesterday.
Investors are alert for a bullish trend change signal after the price successfully crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart and the price also broke through the 1.05000 level.
Highs reached yesterday were around 1.05300 before trading slowed until the New York session ended around 1.05000.
The price increase was displayed at the beginning of the Asian session this morning (Thursday) to try to surpass yesterday's high before the price is expected to continue the increase towards 1.06000.
The resistance zone will be tested before the price that succeeds in breaking through it will extend the bullish trend movement to the next target around 1.07000.
However, if this rising pattern fails to be maintained, the price is at risk of falling back below the 1.05000 level and continuing the previous bearish movement.
A drop in price that passes the current support level at 1.04500 will reach around 1.04000 which is the focus target.
The price will also record the latest low level for the year 2023 if the decline continues.
