President Donald Trump's announcement of new tariffs has sparked renewed concerns in the market, which has also affected the movement of major currencies.
The US dollar as a safe-haven currency also gained an advantage in the risky market environment heading into the end of this week's trading.
Despite the slow momentum, the US dollar showed a positive increase in value compared to the continuous depreciation pattern throughout last week.
The FOMC meeting minutes were seen to have no significant impact on the US dollar early this morning, and US unemployment benefit claims data will be observed in the New York session later tonight.
Examining the movement on the EUR/USD currency pair chart, the price showed a decline until reaching the focus level of 1.04000 in the New York session yesterday.
However, there was a price rebound as soon as that level was touched with a slow increase in price seen in the Asian session this morning (Thursday) around 1.04400.
The price also tested the Moving Average 50 (MA50) resistance line on the 1-hour time frame of the chart which will be watched as an indication of the further direction of the price.
To continue the bearish pattern lower, the price needs to break through the current support level at 1.04000 which was reached yesterday.
Next, the price decline will continue towards the next support level which is at 1.03000.
However, if the price bounces off the 1.04000 level and manages to break through the MA50 barrier, it is likely that the price will be able to climb higher.
The signal for a trend change will take the price up towards the 1.05000 resistance zone again.
