The US dollar is losing traction heading into the end of this week as investors are cautiously awaiting the US (US) NFP employment report to be published in the New York session tonight.
The important indicator for the US labor sector will guide the Federal Reserve (Fed) in setting their monetary policy at the last FOMC meeting of 2024.
The Euro managed to reach a better level than at the beginning of the week against the US dollar, taking advantage of the depreciation of the currency king.
If examined on the EUR/USD currency pair chart, the price has managed to display an upward pattern on Thursday after showing a previous horizontal movement around the 1.05000 level.
The increase in price in the New York session yesterday almost touched the target level of 1.06000 which has been tested in recent weeks.
However, it can be observed that the price momentum is supported by the zone which still remains as a price resistance until the end of this week.
If the increase is successful in continuing past the 1.06000 resistance, the latest 3-week high will be recorded.
The next target is for the price to reach a height of around 1.07000 which was the focus of trading in early November.
However, if the price is not successful in continuing to increase higher, the risk is for the price to plunge back down again.
It is likely that the price will briefly level off in the 1.05000 zone like a few days ago before a lower decline if continued is expected to target the 1.04000 level.
