The US dollar extended its strengthening pattern in trading on Wednesday despite mixed data released in the New York session yesterday.
Giving a gloomy signal for NFP later in the week, the ADP employment report measuring private employment growth fell in December, lower than expected.
Meanwhile, investors are wary of the latest report that Donald Trump is considering declaring a national economic emergency to provide legal basis for a series of tariffs to be imposed on his target countries.
On the EUR/USD currency pair chart, the price has continued to decline lower to break through 1.03000 in the New York session yesterday.
The daily low reached around 1.02750 before slowly bouncing back above the 1.03000 zone as it heads into late New York trading.
The price trend is to fall lower with a bearish signal that the price is moving below the Moving Average 50 (MA50) resistance line on the 1-hour timeframe of the EUR/USD chart.
If the price falls back below 1.03000, it will strengthen expectations for a continued decline lower beyond yesterday's level.
The target will be focused on the 1.02000 zone as the latest support for the price in addition to recording a new low.
However, if there is a change in the market situation that weakens the US dollar again, the price could surge back up.
Breaking through the MA50 barrier, the continued rise higher could reach 1.04000 before testing the important resistance at the beginning of the week at 1.04300.
