The price movement on the chart of the EUR/USD currency pair is seen to remain hovering at the highest level of 3 weeks, but the upward momentum is starting to fade.
Last Wednesday the US dollar experienced a significant decline as investors looked at the latest economic data from the United States (US) which came with disappointing readings.
However, the movement of the US dollar on Thursday yesterday was flat as the US market was closed in conjunction with a public holiday.
Although the price movement was slow on the EUR/USD chart yesterday, the rising price pattern is still seen to continue.
The price remains moving in a bullish trend that is above the Moving Average 50 (MA50) support line on the 1-hour time frame of the chart.
If the move higher continues after this, the price is likely to head towards the next concentration zone at 1.09000 to record another recent high.
The price increase situation could happen if the US dollar continues to decline after this.
However, if there is a different reaction after the NFP data is published with a possible strengthening of the US dollar, the price could plunge again below the 1.08000 zone.
After crossing the MA50 support line, a more obvious decline is imminent and is expected to reach the previous 1.07000 level again.
