Although the United States (US) JOLTS data recorded less than satisfactory readings, the US dollar still managed to maintain its strength in the New York session yesterday.
Seen as supporting the currency king was the US services sector ISM survey data published for November rose.
The US dollar continues the strengthening that has been displayed since the middle of last week until yesterday, but analysts warn of the risk for the US dollar to weaken again based on central bank fundamentals.
The focus will be on the release of US ADP employment data in the New York session later tonight which will be an early indicator for the US NFP report on Friday.
The price chart of the EUR/USD currency pair is observed by investors with a bearish pattern still maintained.
The price continued to decline below the 1.08000 level in the New York session yesterday before the price movement began to flatten below it continuing until the opening of the Asian session this morning (Wednesday).
With the price remaining below the Moving Average 50 (MA50) barrier line, analysts maintain the bearish price movement forecast to continue.
The expectation for a further price drop is to go up to the 1.07000 level which is likely to trigger an attractive price reaction around that area.
However, if the price manages to bounce back above 1.08000 and then break through the MA50 barrier, this will be a signal for the price to resume the bullish pattern like the previous weeks.
The price increase will head back to the resistance zone tested last week at 1.10000.
