A change in price direction occurred on the main charts yesterday as the US dollar currency has reawakened from its slumber to strengthen again towards the end of the week.
The driver in the end of this week's sessions is on the manufacturing and services PMI data report in Europe and the United States (US).
The Euro currency will also be affected by the data in the European session shortly, but since yesterday it has experienced a decline due to the strengthening pressure of the US dollar.
The price movement on the chart of the EUR/USD currency pair is scrutinized by investors to evaluate the movement at the close of the week.
If observed, the rising price pattern that continued at the beginning of the week was stuck at the level of 1.07500 before the price started to sink down on Thursday yesterday.
As expected, the price approached the 1.07000 concentration zone at the end of the New York session and bounced slightly to continue trading in the Asian session this morning (Friday).
The price movement that has been back below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the EUR/USD chart indicates a bearish movement.
If the decline after this declines below the 1.07000 zone, it will be a clearer indication for the price to move lower.
The level reached last week around 1.06700 will try to be overcome before the price records the latest low towards the target at 1.06000.
However, if the price bounce from the 1.07000 level continues to cross the MA50 barrier line, there is potential for a higher price increase to occur.
A break through this week's current resistance at 1.07500 will prompt further gains towards the focus zone at 1.08000.
