The US dollar was further pressured in trade heading into the end of the week when the ADP jobs data was published yesterday with a lackluster figure.
The increase in private employment in the United States (US) recorded only 99,000, lower than the forecast figure that followed the previous JOLTS data which was also published dismal.
However, the decline in the US dollar was limited slightly by the ISM survey reading of the US service sector which was published around the expected figure.
Examining the movement on the chart of the EUR/USD currency pair yesterday, the price has successfully crossed the 1.11000 level to continue the previous upward movement.
Although there was a momentary drop shown, but the price has returned above the 1.11000 zone in the trading of the Asian session this morning (Friday).
The trend remains bullish with price movement remaining above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart.
Further price movements will be determined by the NFP report that will be published at the New York session later tonight, in addition to being an important indicator for the Federal Reserve (Fed) ahead of the September FOMC meeting.
For the expectation of a higher increase if it happens, the price will retarget the height of 1.12000 reached last August.
The level is the highest for this year 2024, but a strong surge in prices is able to overcome it.
On the other hand, if the price drops back below the 1.11000 level, it will be an early signal for a change in the bearish trend for the price.
A further drop in prices will continue to the level previously reached around 1.10300 before the next focus is on the 1.10000 zone.
