The US dollar traded mixed in Tuesday's trading session but slightly better against the Euro which was pressured by the release of European economic data.
The German ZEW economic sentiment survey published in the European session showed a declining figure for April.
This also prompted the depreciation of the Euro in the market to reduce some of the gains made last week.
However, the direction of the price movement is still unclear with investors awaiting the US (US) retail sales data to be published in the New York session tonight and the results of the European Central Bank (ECB) meeting on Thursday.
On the EUR/USD currency pair chart, the price fell below the 1.13000 zone in the New York session yesterday with the daily low recorded around 1.12700.
The price then gradually recovered above 1.13000 again as trading continued into the Asian session this morning (Wednesday).
However, the price movement that still remains below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the chart shows a bearish signal.
If the price continues to be pressed below the 1.13000 zone and lower than yesterday's level, the bearish price pattern is expected to continue.
The price decline will target previous focus levels such as around 1.12000 and the 1.11000 zone.
Meanwhile, for the price expectation, breaking through the MA50 barrier will expect the price to test the resistance at 1.14000.
Successfully passing the zone, last week's high level reached at 1.14700 will be overcome for the price to record the latest 3-year high.
