The US dollar, which moved weakly at the start of the week, managed to bounce back on Tuesday's trading yesterday to continue last week's momentum.
The US dollar regained its strengthening pace again supported by the view that remains hawkish expressed by members of the Federal Reserve (Fed) regarding monetary policy.
Fed Governor Bowman does not see interest rate cuts as the right thing to do in the near term while Fed Cook warned of major risks if the transition to policy easing is done too quickly or drastically.
Investors will examine further indicators that may influence the movement of the US dollar at the close of trading this June through data on economic growth in the United States (US) and the PCE price index.
Examining the price movement on the chart of the EUR/USD currency pair, the increase displayed at the beginning of the week is seen stranded at 1.07400.
The decline resumed yesterday for the key 1.07000 zone to be tested, but the price rebounded slightly before the New York session ended.
Slow price movement continues trading in the Asian session this morning (Wednesday) below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the EUR/USD chart which is a bearish signal.
A further decline if continued after this below the 1.07000 zone would expect the price to record another recent low this week.
The price's next target is around 1.06000 as a concentration zone that will be tested for a continued downward pattern.
On the other hand, if the price jump is displayed, the price increase will try to overcome the level reached at the beginning of the week around 1.07400 which is an obstacle when making the price.
Next, the 1.08000 zone will be the target to reach after the price shows a clearer bullish movement signal.
