Although the ADP employment data of the United States (US) was published yesterday with a decreasing number, but the US dollar is seen to have managed to maintain its strengthening.
If you look at the chart of the EUR/USD currency pair, the continued decline in prices until yesterday's New York session shows that the strengthening of the US dollar has been successfully maintained for the sixth day in a row.
The euro is also seen trading under pressure when there are projections for the European central bank (ECB) to start cutting interest rates in the near term.
After the price started showing a decline since last week from the high level of 1.10000, the decline has been recorded by more than 200 pips when the price has moved below the level of 1.08000 yesterday.
The lowest level recorded at the end of the New York session reached around 1.07600 and the slow price around that continued the opening of the Asian session this morning (Thursday).
With the pattern displayed and if the momentum is maintained, the price is seen to further extend the decline lower towards the target at 1.07000.
The factor seen to be able to reverse the direction of the price again is the NFP employment report on Friday if the US dollar reacts negatively.
If the surge occurs again, the 1.08000 level is likely to be overcome again and the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart will try to be overcome to signal a trend reversal.
Resuming the bullish trend movement, the bullish price will retarget to reach the 1.10000 high and test the resistance zone.
