European economic data published on Tuesday showed the services sector was operating well and had supported the appreciation of the Euro in the market.
It can be seen that the price movement on the chart of the EUR/USD currency pair has continued to rise to the latest highs again this week following the US dollar which also moved weakly since the beginning of the week.
However, the rise was seen to be restrained at the resistance zone level of 1.19000 before the re -strengthening of the US dollar following the published minutes of the FOMC meeting.
The strengthening of the US dollar until the end of the New York session has again pushed the price from the SBR (support become resistance) zone of 1.1900 to close the trade around 1.18650.
Price movements slowed in the Asian session on Thursday. However, investors are beginning to be wary of the possibility of a possible price decline after the US dollar returns to show a strengthening.
The price is still moving above the support level of Moving Average 50 (MA50) on the 1 hour time frame and has not given a clearer signal to start the bearish trend again.
Should a decline occur, investors will expect a decline to the RBS (resistance become support) zone of 1.18000 which had supported the price spike last Tuesday.
The lower support zone at 1.17200-1.17000 will be the focus destination for the continued decline.
On the other hand if the price still continues the bullish series since the beginning of the week, the SBR zone of 1.19000 will be broken before the price heads up to the level of 1.20000.
