The US dollar remained moving slowly after the publication of the minutes of the latest FOMC meeting, but still showed a pattern of increasing value.
Examining the details of the minutes, the majority of members of the Federal Reserve (Fed) agreed with the aggressive interest rate cuts last September.
The US dollar did not show a significant reaction after the minutes were published, as investors remained cautiously awaiting United States (US) inflation data to be published in the New York session tonight (Thursday).
If you look at the movement on the chart of the EUR/USD currency pair, the price, although moving slowly, still recorded the latest low.
Down to the end of the New York trading session, the price reached around the 1.09400 level by maintaining a bearish pattern that moved below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the chart.
The direction of further price movements will be determined by the market's reaction when evaluating the latest US inflation figures which are also the Fed's guide for setting their monetary policy.
If the US dollar continues to strengthen adding pressure to the Euro, a further decline is expected towards the 1.09000 focus zone.
On the other hand, a surge in prices can occur if the published data leads to a depreciation of the US dollar.
The price that rises above the MA50 barrier is then seen to try to test the 1.10000 level as the closest resistance.
If successful, it will be a signal for a change in trend again with the expectation of a higher increase to continue to the level of 1.11000 and 1.12000.
