The rising price pattern on the EUR/USD currency pair chart seems likely to continue in the Asian session yesterday, but the price shows movement in the opposite direction in the next session.
Initially the price hovered above the 1.10000 level after the continued rise reached the resistance zone, but the price failed to hold for long.
The retracement of prices occurred when trading resumed in the European and New York sessions.
The factor that is seen to limit the price increase is the United States (US) economic growth data published yesterday with increased figures.
This has supported a slight recovery in the US dollar which has experienced continuous depreciation over the past few weeks.
However, the price pattern displayed on the EUR/USD chart is still seen to be in a bullish trend with the price drop also still supported by the Moving Average 50 (MA50) line on the 1-hour time frame on the chart.
The price movement in the Asian session this morning (Thursday) slowed down around 1.09800 with the expected price increase if it happens will continue to test the 1.10000 resistance zone.
If the price breaks through the resistance, the bullish trend will continue with the price likely to record the latest high level for the close of trading this November.
The target is to head around 1.10700 or reach a height of 1.11000.
However, if the price fails above the 1.10000 resistance and starts to move below the MA50 barrier level, investors may need to prepare for a price change anyway.
A decline could occur after there is a bearish signal with the expectation that the price could reach again up to 1.10900 or lower at around 1.108000.
