The US dollar remained weak until yesterday's New York session trading following the pattern that was displayed the previous day.
JOLTS employment data which measures the number of jobs offered in the United States (US) in December recorded a slower-than-expected figure.
This shows a gloomy signal for the US labor sector with further indications to be observed in the ADP and NFP employment data reports.
Examining the movement on the EUR/USD currency pair chart, the price has shown an increase to surpass the 1.03000 level after opening low in the first session earlier this week.
The US dollar's depreciation situation continued until yesterday, seeing the price increase reach a high of around 1.03800 in the New York session before leveling off at that level until the close of the session.
The price movement remained flat, continuing trading in the Asian session this morning (Wednesday) which is seen to be testing last week's focus zone of 1.04000.
The bullish signal remains on the price movement above the Moving Average 50 (MA50) support line on the 1-hour time frame of the EUR/USD chart.
If it passes 1.04000, a higher price increase is expected to head towards the next resistance zone at 1.05000.
Next, the continued price increase will record a new 8-week high.
However, if the price changes its direction of movement downwards again, the price decline will approach the 1.03000 level to be tested.
A break lower will signal a bearish price before heading towards the 1.02000 support zone which was also tested in January trading.
