The Euro currency showed positive movement in the trading of the European session yesterday as the market reacted to the published data.
European manufacturing and services PMI data readings, especially Germany, for November recorded figures that rose above forecasts and the previous month.
However, the Euro failed to maintain the strengthening momentum in the next trading session which saw a more horizontal movement.
The US dollar was seen moving gloomy in the New York session as expected following the United States (US) market being closed in conjunction with Thanksgiving.
The same PMI data for the US will be published in the New York session tonight and will influence the movement of the US dollar before this week's trading curtain anchors.
Examining the price movement on the chart of the EUR/USD currency pair yesterday, the price managed to increase to around 1.09300 when the PMI data reaction was published in the European session.
But the price retreated back down before finally leveling off until the close of the New York session around the 1.09050 level.
Price movement remained slow around that continued trading in the Asian session this morning (Friday) while crossing the support line of the Moving Average 50 (MA50) on the 1-hour time frame of the EUR/USD chart.
It is difficult to determine a clear direction at the end of this week, price movements are expected to be driven by data to be published.
If the price rises above yesterday's high, the price is expected to return to target the concentration level at 1.10000.
The latest high will be recorded after surpassing the 1.09600 level touched on Tuesday's trade.
Meanwhile, if there is a decline in the sessions at the end of this week, the level reached last Wednesday around 1.08500 will be challenged again.
If it falls lower beyond that level, the price is expected to drop to around 1.08000 and the price reaction around that will be watched for further indications of movement.
