It is expected that the price movement will slow towards the end of this week, but the price increase continues to be strong displayed on the chart of the EUR/USD currency pair to record the latest 5-month high.
The US dollar continued to experience further declines on Wednesday yesterday with a drop in the dollar index and the US 10-year treasury yield to new lows.
The euro as an anti-dollar currency continues to take advantage to strengthen its value while the US dollar remains in 'tightness' at the end of this 2023 trade.
On the chart of the EUR/USD currency pair, the price managed to display a daily increase of around 90 pips yesterday and reached the target level at 1.11000.
Recent highs around 1.11200 were recorded in the New York session and prices slowed around that until the end of the session.
Price movements that remain above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart expect the bullish trend to continue.
If yesterday's momentum is maintained, a higher increase will occur for the price to reach the next target which is at 1.12000.
But is the price capable of reaching that level or will a slower movement be exhibited today?
Meanwhile, the price is also at risk of experiencing a decline again if the movement begins to be below the 1.11000 level.
If the price is pressed to fall again, the price is seen to approach the 1.10000 level that was the focus of the previous trade.
