The price movement on the chart of the EUR/USD currency pair on Thursday yesterday showed a decline after the price was flat throughout the previous day.
The strengthening situation of the US dollar against the Euro was influenced by the release of the United States (US) unemployment benefit claims data which recorded better readings than forecast for last week.
Concerns about the deterioration of the US labor sector have slightly decreased but the market is still in a state of alertness.
The price drop at the beginning of the New York session tested the 1.09000 zone but the price bounced back above it before the price movement flattened until it continued to the opening of the Asian session around 1.09200.
The price bounce was seen testing the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the EUR/USD chart which investors are watching to determine further price trends.
If the price declines again and moves below 1.09000, the price is likely to resume the downward pattern to lower levels.
After showing a more clear bearish movement, the price drop is expected to reach around 1.08000 again like last week's trading.
On the other hand if the price surges up again in the final sessions for this week, the 1.10000 level will be the target to be reached again as an important resistance level.
If the price increase succeeds in breaking through the resistance of 1.10000, the price will record the latest high level with the target likely to shift to 1.11000.
