While the market focus on the Bitcoin spike is reaching the $ 50,000 price point, the financial markets have seen the US dollar move sharply since the start of trading earlier this week.
This situation has again given room for other major currencies in the market to increase.
A good rise in the stock market as well as rising US treasury yields is seen to have added pain to US dollar trading.
As shown in the price movement on the EUR / USD currency pair chart, the price has shown an increase since the beginning of the week and continued until the New York session yesterday.
The price increase has passed the SBR zone (support become resistance) 1.20900-1.20550 and has also moved above the level of 1.21000.
After reaching the high of 1.21200, the price movement started to slow on the continuing trading at the beginning of the Asian session this morning (Wednesday).
The price rise is expected to continue for the price towards the 1.21500 level and test the resistance zone.
The price that managed to maintain momentum on the bullish trend is expected to rise to the level of focus at 1.22500 again.
However, if a price drop occurs, the RBS zone below the 1.21000 level will be re-tested which will prevent the downtrend and continue the rise.
If the price continues to fall lower, the 1.2000 level will be the focus before the price tests last week's support level around 1.19500.
