The change in price direction on the main charts was shown in the closing trade of November yesterday driven by the movement of the US dollar currency.
After shrinking until the beginning of this week, the US dollar showed a recovery since last Wednesday and continued on Thursday yesterday.
Although the economic data of the United States (US) published in the New York session yesterday recorded a lackluster reading, the US dollar managed to strengthen following analysts seeing profit-taking activity on the previous position of the currency.
On the chart of the EUR/USD currency pair, there are signs of a trend change occurring when the previous bullish pattern failed to continue.
After the price increase reached the level of 1.10000 before, the price failed to break through the resistance zone and instead started to show a decline again yesterday.
In addition to the bearish signal of the price falling below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the chart, the price has displayed a daily decline of around 100 pips yesterday reaching 1.08800.
Price movement is seen to be slow around the 1.09000 zone continuing trading in the Asian session this morning at the early opening of December.
If yesterday's bearish pattern continues today, the price will likely aim to hit the focus zone again at 1.08000.
However, analysts are of the view that investors should not be too early to expect a change in trend has occurred.
There is still potential for prices to bounce back to resume previous gains if the US dollar returns to its previous decline heading into the FOMC meeting in December.
If the price increase takes place, the resistance level at 1.10000 will be tested again after failing to be broken before.
A move above that level and also the MA50 barrier would suggest a higher upside for the price.
