The US dollar remains in a weak performance for the third day with a bad signal from the ADP employment report published in the New York session yesterday.
Private employment in the United States (US) recorded 77,000 in February, the slowest increase in 7 months.
This gives a bad signal ahead of the US NFP employment report to be published on Friday.
However, risk-on market sentiment with the issue of the escalating tariff war could trigger a re-strengthening of the US dollar at any time.
Investors' focus today (Thursday) is on the decision of the European Central Bank (ECB) policy meeting with expectations for a 25 basis point cut in the latest interest rate.
If we look at the movement on the EUR/USD currency pair chart, the price maintains a bullish pattern after yesterday's increase above the 1.07000 level.
At the end of the New York session, the price approached the 1.08000 target and hovered around it in the trade that continued into the Asian session this morning.
The price movement remained above the Moving Average 50 (MA50) line on the 1-hour time frame of the chart since the beginning of the week, maintaining the signal for a bullish trend.
If the price manages to rise again from the current level of 1.08000, the price increase will record a new 4-month high with the target moving to the 1.09000 zone.
On the other hand, if the impact of the ECB meeting decision pushes the Euro to fall, the price is likely to retreat back down from the 1.08000 zone.
Several previous focus levels such as 1.07000 and 1.06000 will be the nearest targets for the bearish pattern.
