The change in the price pattern on the main chart happened again on Thursday trading yesterday due to the performance of the US dollar which again declined and failed to maintain its strengthening momentum.
The latest economic data from the United States (US) published in the New York session yesterday is seen to have failed to inject continuous stimulus to the US dollar.
Additionally, investors are likely to start taking precautions with the risk of the June trade close and also at the end of the second quarter of 2024.
Other major currencies are again taking advantage of the space opened by the US dollar which has lost its 'fangs' while the focus will be on the publication of US PCE price index data in the New York session tonight.
If the price movement on the chart of the EUR/USD currency pair is examined, the price has displayed a rising pattern again on Thursday yesterday to pass the 1.07000 zone.
On the previous Wednesday, the decline in the price made a drop to the 1.06700 level, but the price still failed to go lower when the level remained a support for the price for 3 weeks in a row.
Price movements in the Asian session this morning (Friday) hovered around the 1.07000 zone while investors remained cautious for the expected volatile situation.
The determination is based on the reaction of the PCE index data to drive the direction of further price movements in addition to giving an overview of the direction of the Federal Reserve's (Fed) monetary policy.
If the price breaks below the 1.07000 zone, the 1.06700 support level will continue to be the focus to be tested.
If the price finally succeeds in breaking through it, a further drop in price is expected to reach around 1.06000.
However, if the surge is displayed, the price has the potential to rise above the level reached at the beginning of the week around 1.07400.
Next, after a clearer bullish signal, the price will target the 1.08000 concentration zone to record the latest 2-week high.
