The situation of continued devaluation of the US dollar currency throughout this week.
With expectations for an interest rate cut by the Federal Reserve (Fed) in September, the minutes of the FOMC meeting published early this morning further added to the 'wound' on the US dollar.
The next focus is on the publication of the United States (US) manufacturing and services PMI data in the New York session later tonight before the expected Jackson Hole symposium event.
In addition, European and US manufacturing and services PMI data will be observed today (Thursday) which will influence the movement of the Euro and the US dollar.
Examining the chart of the EUR/USD currency pair, the price continued the upward pattern from the beginning of the week until yesterday's New York session.
Having tested the 1.11000 level, the price has rebounded to extend the rise to the latest high of the year reaching around 1.11700.
The target is getting closer to touching the expected level of 1.12000 with the price bullish trend movement signal remaining above the Moving Average 50 (MA50) support line on the 1-hour time frame of the EUR/USD chart.
If the price starts to drop below the MA50 line, it will be an early signal for a trend change to begin.
The price falling past the nearest support level at 1.11000 will expect a further decline to continue towards around 1.10000.
Price movements at the end of the week will be driven by the upcoming PMI figures and Fed Chairman Jerome Powell's speech at the Jackson Hole symposium.
