The US dollar heading towards the weekend is seen to be flatter after seeing a more interesting movement pattern last week as well as trading earlier this week.
The mixed view by members of the Federal Reserve (Fed) makes investors wary of the direction of the US dollar’s movement for clearer policy indications.
In yesterday's New York session, the final reading for the US GDP economic growth data remained unchanged at 6.4%. However, the co -published data on unemployment benefit claims was higher than the expected decline.
This is seen to be further undermining the strengthening momentum of the US dollar exhibited over the weekend.
On the price chart of the EUR/USD pair, the price is seen moving horizontally and the bullish pattern since the beginning of this week is also difficult to maintain.
However, the price movement around the support level of the Moving Average 50 (MA50) is seen still not giving a clear signal for the price to make a fall.
Yesterday's price increase failed to break the high level on Wednesday around 1.19700. If the price manages to break that level today, the resistance level of 1.2000 is seen to be tested.
A higher rise for a clearer bullish pattern will push the price to head back to the SBR (support become resistance) zone of 1.20600-1.20900.
However if a decline occurs, the support level of 1.19000 will be tested again before the lower decline will go to the support level earlier in the week around 1.18500.
The continued decline is expected to lead to the support zone of 1.18000 to record the latest 11 -week low.
