The EUR/USD currency chart shows the price correction pattern after the price hike shown at the beginning of the week was unsuccessful.
Horizontal prices in the 1.09000 zone on Wednesday began to show a lower decline on Thursday to 1.08000.
The euro experienced a decline in value following President Donald Trump's announcement to impose a 200% tariff on Europe for wine and alcohol products.
He has also threatened to respond to European plans to impose a $ 28 billion tariff for US import goods next month.
For the US dollar currency, after the US manufacturer's inflation (PPI) report was published yesterday, the market will evaluate consumer sentiment of University of Michigan survey at tonight's New York session.
On the EUR/USD chart, the initial signal for the trend change is identified when the price starts to move below the Moving Average 50 (MA50) barrier line on the 1 hour frame on the chart.
The decline in the New York session yesterday reached around 1.08300 and is expected to continue to test the 1.08000 zone.
If the price penetrates the zone, the further decline will target the previous focus levels with the nearest ones at 1.07000.
On the other hand, if the price bounces back and moves above the MA50 line then crosses the 1.09000 zone, there is a potential for higher price to return.
The latest 5 -month high height will be achieved over the previous level with targets of up to 1.10000.
