The US dollar again experienced a decline in Thursday's trading yesterday following the release of the United States (US) jobless benefit claims data which declined.
The reading was seen to accompany the NFP employment report published last week and triggered a renewed increase in expectations for interest rate cuts by the Federal Reserve (Fed).
US consumer sentiment survey data by the University of Michigan will also be watched today and if the data reading is also weak, will continue to put pressure on the US dollar.
Observing the price movement on the chart of the EUR/USD currency pair, the price has turned away from the bearish pattern from the beginning of the week.
Significant gains rekindled in the New York session yesterday after the US dollar weakened following the reaction to the published data.
From the lowest level of 1.07250, the price has surged past the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the EUR/USD chart which again signals a change in price trend.
The price ended the New York session trading around the height of 1.07800 before slowing down in that area continuing into the opening of the Asian session this morning (Friday).
If the rise continues successfully, the resistance level of 1.08000 will be tested and expected to be able to be broken by the price.
For higher gains, the latest highs will be noted with a target to head towards the 1.09000 zone.
On the other hand, if the price goes down again at the end of the final sessions for this week, the target at the level of 1.07000 is still the focus for the price that has not been reached.
A drop below that level will be a more clear bearish signal for the price and investors will be prepared to witness a more severe fall.
