Mixed movements are displayed on the main charts, especially involving the US dollar, which seems to have failed to continue the strengthening pattern at the beginning of the week.
Although not significantly down, the US dollar's performance has been seen as lackluster for the past few days, possibly as investors are cautiously awaiting important clues on the components of the US employment data.
Tuesday's JOLTS data came in with a good reading, but the ADP reading published in the New York session on Wednesday showed private employment growth declining in November, lower than expected.
This gives a gloomy signal for the NFP jobs report on Friday, which will be an important guide for the Federal Reserve (Fed) ahead of the last FOMC meeting of 2024 in a few weeks.
The EUR/USD currency pair chart shows flat price movements on Tuesday and Wednesday, compared to a 100 pip drop at the beginning of the week.
Investors are waiting for price clues at the important 1.0500 zone, which has been a price 'hotspot' for several trading sessions.
Until the Asian session this Thursday morning, the price is slowly leveling off above 1.05000 but has not convinced investors enough to anticipate the future direction of the price.
If the surge manages to overcome yesterday's high around 1.05400, a higher rise is seen to test resistance at the 1.06000 zone which has been a strong wall in recent weeks.
If the rise continues higher, it will target the 1.07000 high.
On the other hand, if the price plunges below 1.05000, the identified bearish signal will push the price expectation to go to around 1.04000.
Investors will remain cautious for trading these few sessions before the publication of the NFP jobs report.
