The movement of the US dollar is seen to be mixed with several factors that investors assess influence the trading of the major currencies.
Investors remain vigilant ahead of the FOMC meeting early Thursday morning and the forthcoming U.S. economic growth data for the first quarter.
Concerns over the focused data have been seen limiting the movement of the US dollar since the beginning of the week with expectations of price pull -ups to be seen over the weekend.
Meanwhile, the US dollar was seen to show a slight strengthening in the Asian session this morning (Wednesday) supported by the reading of US consumer confidence data figures for April which rose higher than expected.
The reading was also the highest in 14 months seen driven by the positive development of the Covid-19 vaccination in the US as well as additional fiscal stimulus that allowed businesses to resume operations.
With these mixed factors have seen a horizontal movement of the price on the chart of the EUR/USD currency pair yesterday.
The price is moving in the RBS zone (resistance become support) in the range of 1.20900 and 1.20600.
In the absence of key economic data supporting Euro trading, the European currency has also hovered weak since the beginning of the week.
If the price falls lower below the RBS zone 1.20900-1.20600, the decline is seen to re-test the RBS 1.2000 zone which supported the previous price increase.
Conversely, if the price continues to fall lower, the bearish trend of the price on the EUR/USD chart will push the price towards the 1.19000 level.
If the price manages to make another rise this week, the high reached earlier in the week almost around 1.21200 will be overcome before the rise is expected towards the resistance zone above 1.21500.
