The US dollar remained weak towards weekend trading following positive market sentiment on vaccine expectations as well as a recovery factor in US political sentiment that led investors to abandon safe-haven trading.
On the economic data of the New York session yesterday, US unemployment claims recorded higher than expected also put some pressure on the US dollar.
The minutes of the FOMC meeting, which was the focus of investors earlier this morning, were seen as signaling that policy easing would continue with the additional proposal to purchase assets to support the US economic recovery.
It can be seen that the US dollar is weak against other major currencies in the market as shown on the EUR / USD major pair chart.
Fixed prices show a bullish pattern towards the end of the week after a drastic decline in prices was displayed earlier in the week to support levels of 1.18000.
Wednesday's trading showed a rise above the resistance zone of 1.19000 despite a brief price drop with a price reaction to the Brexit issue which gave way to the Euro currency.
Prices continued to rise in the New York session until continuing trading in the Asian session this morning.
The continued rise is seen heading to the 1.19500 focus zone for the price to continue to record the latest 12-week high.
However, analysts think the price is likely to make a decline to the level of 1.19000 to test the RBS (resistance become support) zone before resuming the rise.
A higher rise is expected to reach a high of resistance at 1.20000.
If the price continues to fall lower below the RBS zone and also exceeds the support level of Moving Average 50 (MA50) within the 1 hour time frame and will signal a bearish trend change.
Further downtrend is expected to return to the 1.18000 support level after the level is reached at the beginning of the week.
