The movement of the US dollar currency was quite mixed in the New York session as the market focused on the release of the United States (US) economic growth data report for the second quarter of 2024.
Investors are still cautiously awaiting an important indicator that is also the focus of the Federal Reserve (Fed) for setting their monetary policy, which is the PCE price index that will be published in the New York session shortly.
The data reading of this inflation component will provide a clearer picture for the Fed's expected interest rate cut in September.
Examining the movement on the chart of the EUR/USD currency pair, the price that moved horizontally from last Wednesday to Thursday yesterday shows that the market remains cautious waiting for a clearer signal.
Holding above the 1.08300 level as price-making support, a slight rise above the Moving Average 50 (MA50) line on the 1-hour time frame on the chart gives an early signal for a trend change.
If a higher price increase is shown after this, the resistance at the 1.09000 zone will be the initial challenge for the price.
After a clearer bullish signal, the price will surge higher past 1.09000 before heading back to the heights reached last week around 1.09400.
On the other hand, if the price plunges down after this, the bearish price movement trend will continue again.
A further drop in price is seen to test the important zone at 1.08000 which was the focus of the price in early trading last July.
