The Euro received pressure in the market following the re -strengthening of the US dollar in the New York session after a surge in US treasury yields to the latest high of over 1.7%.
The price movement on the EUR/USD currency pair chart eased back from the 1.19900 high after the market saw a previous surge following the FOMC meeting.
Developments in Europe regarding the positive AstraZeneca vaccine also failed to support the strengthening of the Euro currency.
On previous side effect concerns, the European Medical Agency has informed that the AstraZeneca vaccine is safe to use and several countries have announced to resume vaccination programs after a previous temporary suspension.
Still failing to break the 1.20000 resistance, the price on the EUR/USD chart fell back into the RBS (resistance become support) zone of 1.19000 after being pressured by the significant strengthening of the US dollar in the European session yesterday.
The price movement below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame also signals a bearish trend again.
However, the 1.19000 zone needs to be broken before the price continues its lower expected decline up to the 1.18000 support level.
If the price manages to rebound, the resistance level of 1.20000 in the SBR zone (support become resistance) will be the focus of the price to be tested.
Higher rises could reach up to the 1.20600-1.20900 focus zone again.
