The US dollar currency movement remained mixed heading into the end of the week as investors remained cautiously awaiting the United States (US) NFP jobs data report later this evening.
The data that will be published will influence the monetary policy decision of the Federal Reserve (Fed) which is seen to be still playing tug of war regarding their interest rate cuts.
Unlike other central banks, the European Central Bank (ECB) at yesterday's policy meeting has lowered the interest rate by 25 basis points to 4.25% after maintaining the level of 4.50% for 5 consecutive meetings before.
ECB President Christine Lagarde is confident that European inflation will drop to the target level by the second half of 2025.
He expects the economy to continue to recover supported by job growth and increased income.
The Euro currency, which was expected to experience depreciation, instead managed to rise but price movement was limited towards the end of the trading session.
Examining the chart of the EUR/USD currency pair, the price which initially fell to around 1.08600 then rose to test the 1.09000 resistance zone before retreating back down.
The price movement until the end of the New York session is seen to remain hovering below the zone without successfully breaking through it.
A horizontal movement above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart still signals for the bullish trend to continue.
If the increase succeeds in passing the 1.09000 resistance zone, the latest high level will be recorded again with the price target moving at 1.10000.
On the other hand, if the price shows a plunge again below the MA50 line, the support zone around 1.08000 is seen again as a focus to be tested.
Price movements will be influenced by the NFP jobs report in the New York session tonight.
