In contrast to the positive pattern displayed last Wednesday, the US dollar moved weakly again throughout trading on Thursday yesterday.
Analysts expect profit-taking activity by market players ahead of the FOMC meeting after the US dollar's significant strengthening during the election campaign.
The Federal Reserve (Fed) met expectations of lowering interest rates to 4.75%, but the cut was smaller by 25 basis points compared to the more aggressive September.
However, the US dollar did not react significantly after the interest rate announcement after showing a decline in previous sessions.
On the chart of the EUR/USD currency pair, the price was seen to recover successfully on Thursday yesterday after a 250 pips plunge in the price last Wednesday.
The price rebounded from the 1.07000 zone on the dip it hit, to reach back to the 1.08000 zone.
Slow price movement in the vicinity continued trading in the Asian session this morning (Friday) while early signs of a trend change began to be observed.
The price started to move above the Moving Average 50 (MA50) support line on the 1-hour time frame on the EUR/USD chart, but it is too early to determine whether a bullish trend will take place.
If the price fails to continue to rise further, the price drop is likely to return to the 1.07000 support zone again.
A further decline if continued will shift the target to the next focus zone which is at 1.06000.
However, if the price manages to jump higher above the 1.08000 zone, the increase is seen to be around 1.09000.
