The US dollar continued to strengthen its value on Wednesday trading yesterday which was also supported by the release of the latest United States (US) economic data.
The ADP jobs report for September recorded a good gain of 143,000 beating the forecast of 124,000.
This gives a positive signal to the expectations of the NFP employment report that will be published this Friday.
The US dollar had started to strengthen earlier as the news of Iran attacking Israel on Tuesday sparked concerns about global market trading.
Thus, it can be seen that the US dollar continues to recover its performance compared to most other major currencies towards the end of this week.
Like the price movement on the chart of the EUR/USD currency pair, prices continued to decline to yesterday's lower levels but the momentum was seen to be slower than the pattern displayed last Tuesday.
After breaking through the 1.11000 level, the price's latest decline reached around 1.10330 and was seen to remain hovering around that in continued trading in the Asian session this morning (Thursday).
The trend remains bearish as prices continue to move below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the EUR/USD chart.
The price is seen to be inclined to continue the decline lower with the target now directed at the 1.10000 support zone.
This important zone that was tested last September has successfully bounced the price up again, but investors need to watch the latest price reaction if the zone is tested again.
For the expectation that if the price increase occurs, crossing the MA50 barrier will expect the price to try to break through the resistance at 1.11000.
Next, a higher increase will return to the defense zone of the previous weeks at 1.12000.
