The price increase occurred on the chart of the EUR/USD currency pair yesterday, which recorded a new 3-week high.
The US dollar experienced a significant depreciation in the European session but the situation changed in the following session.
Thus, the price was seen to initially jump to a height of around 1.08880 but was pushed back down towards the 1.08000 zone again.
The strengthening of the US dollar in the New York session was supported by the release of the United States (US) manufacturing and services PMI data with a good reading for February.
The price movement slowed down around 1.08200 when it resumed trading in the early Asian session this morning after the price closed around that in the previous session.
Hagra also crossed above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart which signals that it is still bullish for the price.
The price increase if it continues again like yesterday will go to the 1.09000 zone to try to break through.
The latest high level will be recorded if the price manages to break through the important zone with the target moving to 1.1000.
On the other hand if the price drops below the 1.08000 zone, this will be a bearish signal for the price to risk falling lower again.
The target to target on the continued decline of the price is to reach the support level of 1.07000.
