Price movements were more clearly displayed in Thursday's trading yesterday driven by riskier market sentiment factors.
The US dollar strengthened significantly in the New York session yesterday after President Donald Trump announced new tariffs on Europe by 25%.
Europe warned that it would respond immediately if the tariffs were launched.
The increased tension in the market gave the advantage to safe-haven currencies, especially the US dollar, to strengthen.
Thus, it can be observed on the EUR/USD currency pair chart yesterday, the price has plunged after several days hovering in the 1.05000 zone.
The clear decline in the New York session saw the price return to last week's support level of 1.04000 at the end of the session.
Price movements began to slow down and hover around that area, continuing the opening trade of the Asian session this morning (Friday).
The price that started the plunge and moved below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart gives a clearer signal for bearish movement.
However, investors will be waiting for the release of PCE price index data in the New York session tonight which will drive further direction.
If the price continues to decline lower, the target will shift to the next focus zone at 1.03000.
However, if the price manages to bounce back from the 1.04000 zone, the 1.05000 resistance zone will return to be the price target.
Breaking through the MA50 barrier and the 1.05000 zone will signal for the bullish trend movement to resume for the price to continue.
