Major currencies in the market began to show a resurgence in trading on Tuesday yesterday following the decline in the US dollar which failed to sustain earlier this week.
Wall Street's key index rose again, showing investor confidence in the market as well as impacting the depreciation of the US dollar as a safe-haven currency.
The declining US Treasury yields also put pressure on the momentum of the strengthening US dollar previously.
If we look at the price movement on the EUR / USD currency pair chart yesterday, the price is still rising in the Asian session continuing the decline at the beginning of the week as well as the previous week.
The price decline has reached the key support level of 1.20000 recording the latest low of 3 weeks.
However, the European session again showed a price jump from the support level to reach the high level of 1.20900 in the resistance zone with 100 pips daily increase.
The price jump above the Moving Average 50 (MA50) barrier level in the 1 hour time frame of the price movement also gives an early signal for a bullish trend change.
As the Asian session traded on Wednesday, the price slowed to the level of 1.20900 with the expectation that the price will continue in the next sessions.
The price rise is seen to return to the resistance zone 1.21500-1.21800 after the price fell lower below the zone last week.
A higher rise will re-test the high level reached last week with the high level of 1.22500 being the focus.
For the Euro currency, investors will evaluate European economic data in the services sector to be published today.
