The strengthening of the US dollar continued until yesterday's New York session for the king of the currency to maintain its position well this week.
With the further strengthening of the US dollar, the Euro continues to receive pressure to see its value depreciate to new lows.
The focus today (Thursday) will be on manufacturing and services PMI data for Europe and the United States (US).
Examining the chart of the EUR/USD currency pair, the price that was slowly hovering around 1.08000 in the Asian session yesterday then continued to decline lower continuing the trading sessions in the following sessions.
The price hit a fresh 3-month low around 1.07600 before leveling off towards the end of the New York session.
The price movement is still below the 1.08000 zone and remains below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart, indicating a signal for continued bearish movement.
The price trend is for further declines to occur beyond the levels reached yesterday.
The target for further price declines is towards the 1.07000 concentration zone.
However, the situation is likely to change with published PMI data impacting both currencies.
If the surge is displayed, a rise above the 1.08000 level and the MA50 barrier will give an early signal for a trend change to occur.
A higher increase after that if continued is seen to return to the previous concentration zone around 1.09000.
