The strengthening of the US dollar at the beginning of the week seems to have failed to continue on Tuesday's trading yesterday.
The market evaluated the data of job offers opened in the United States (US) in February did not show a significant change in figures, even the previous month's reading was updated lower.
This is seen to have reduced the positive momentum following the reading of the ISM survey data published last Monday which triggered the strengthening of the US dollar.
Thus, the US dollar weakened again and reduced the gains that had been achieved earlier in the week.
The re-depreciation of the US dollar gave room for other major currencies in the market to show a rebound including the Euro.
Observed the movement on the EUR/USD currency pair chart, the price has started to reverse its direction to increase again yesterday.
Before that, last Monday the price plunged rapidly to around 1.07300 to record the latest 6-week low.
Now the price increase has crossed the Moving Average 50 (MA50) obstacle line on the 1-hour time frame of the movement on the EUR/USD chart, which gives an early signal of a possible trend change.
If the price increase still manages to continue, the nearest resistance is at the 1.08000 zone to be tested again.
If successfully broken through, the price is likely to display a more clear bullish pattern towards the target at 1.09000.
However, if the price drops back below the MA50 line, the previous downward trend will resume.
Exceeding the level reached at the beginning of the week will expect the support level of 1.07000 to be tested with the price reaction around that will be observed for the next movement indication.
