PMI data for the manufacturing and services sectors for Europe and the United States (US) were the focus of Thursday's trading yesterday.
The overall reading of the data shows a positive figure for the month of May surpassing the forecast and the previous month.
The euro shows a strengthening in the European session before being followed by a strengthening of the US dollar in the next session.
Examining the price movement on the chart of the EUR/USD currency pair, the price is getting lower and closer to the 1.08000 level which is in the RBS focus zone (resistance becomes support).
Additionally, the price is showing a bearish movement signal which is below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart for the past few days.
Now the determination is the price reaction at the RBS 1.08000 zone for further price movement indicators.
If the price manages to bounce back from the 1.08000 zone and then break through the MA50 barrier, the rise is likely to continue to re-enter the 1.09000 resistance zone tested last week.
The increase that continues past the resistance will record the latest high towards the target at 1.1000.
On the other hand, it will be for a lower fall for the price when the price gets milked below 1.08000.
The price drop is expected to continue until reaching around 1.07000 again.
