The economic data of the United States (US) published in the New York session yesterday started to trigger the direction of the price movement after the market moved horizontally at the opening of the week.
The ISM survey for the manufacturing sector recorded better figures in August, but still remained below the 50-point level indicating that the sector remains at risk of contraction.
The US dollar moved weakly at the early opening of the session, but showed a positive reaction after the data was published.
On the chart of the EUR/USD currency pair, it can be observed that the price has recorded the latest low again after being pressed to around 1.10300.
However, the price rebounded slowly to continue trading in the Asian session this morning (Wednesday) while being observed to test the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the chart.
The price is seen to be inclined to continue the decline lower with a target towards the concentration level of 1.10000.
The bearish movement will be expected to continue with prices like last week if the US dollar still manages to maintain its recovery performance.
However, if the situation changes, the price rebound will be expected again towards the nearest resistance at 1.11000.
A break above that level would signal a move higher with the previously reached 1.12000 peak waiting to be touched again.
