It seems that the US dollar failed to maintain the recovery performance of the past week when it returned to show a weak movement yesterday.
This follows the reaction to the JOLTS employment data published in yesterday's New York session with the lowest figure since April 2021.
Triggering initial concerns about the labor sector of the United States (US) ahead of the NFP report at the end of the week, again changing the movement pattern of the US dollar.
On the chart of the EUR/USD currency pair, it can be observed that there was a strong surge in prices in the New York session yesterday following the reaction to the published data.
Initially, the price moved slowly in the previous session, testing the 1-hour Moving Average 50 (MA50) barrier line on the chart around the 1.10500 level.
However, the price then showed a strong bounce almost touching the target level at 1.11000 before retreating slightly and closing the session's end trading around 1.10800.
Price increases are expected to still occur with a tendency for prices to test the 1.11000 resistance zone.
Crossing that resistance would expect a further move higher to continue with the target refocusing on the previously reached heights of 1.12000.
However if the bullish pattern fails to continue past 1.11000, investors will be ready to expect another price drop to occur.
A drop lower than the level at the beginning of the week will push the price closer to the concentration level at 1.10000.
A further decline that continues beyond it will target around 1.09000.
