The US dollar traded weak at the opening of the Asian session this morning (Wednesday) with the direction of price movement still unclear.
Market volatility continues to be influenced by concerns over the ongoing tariff war issue, which is even more tense.
The United States has imposed an additional 50% tariff on China, bringing the total tariff to 104%, which will begin today, April 9.
Although the US dollar moved weak in the Asian session, it is not surprising if there is a change in direction in the following sessions.
Examining the movement on the EUR/USD currency pair chart, the price is seen to have held above the 1.09000 zone since trading at the beginning of the week until yesterday.
At the end of the New York session yesterday, the price began to rebound from the 1.09000 zone and continued to rise continuously in the Asian session this morning (Wednesday).
The price breaking through the Moving Average 50 (MA50) barrier on the 1-hour timeframe of the EUR/USD chart is an early signal for a bullish trend.
The price has broken through the 1.10000 level and is seen heading towards the 1.11000 resistance zone tested last week.
If the price rises successfully above the zone, a new 7-month high will be recorded with a target of 1.12000.
However, if the price plunges below 1.1000 again, it is likely that the 1.09000 support zone will be approached again.
Continuing the plunge lower, the price will display a bearish movement that will target around 1.08000.
