As expected, there was no change in the market situation and investors saw the US dollar continue to strengthen in a more fashionable way towards the closing trade of the week.
In addition to the Yen receiving significant pressure, other major currencies were also affected by falling with the expectation of the US dollar to continue to be strong.
However, the situation could change at the end of the week with the market's reaction to the focus data to be published including the United States (US) economic growth data for the first quarter as well as the PCE price index data observed by the Federal Reserve (Fed).
If we examine the price movement on the chart of the EUR/USD currency pair, the bearish pattern has been extended as the price moved below the 1.07000 zone again yesterday.
After the increase at the beginning of the week stalled at the 1.07400 level, yesterday's decline has reached 1.06700 which is the price support level for the previous 2 consecutive weeks.
If the US dollar continues to strengthen and increase pressure, prices could drop lower to record new lows this week.
The next price target is to reach the focus support zone at 1.06000.
However, it will signal a change in the bullish trend if the price makes a surge past the 1.07000 resistance and breaks through the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart.
The price increase will again test the highs reached earlier in the week before the target moves to the 1.08000 high zone.
