It is time for investors to make a profit or make profit taking activities (profit taking) after the USD currency continued to be fashionable in November trading to record the latest record high.
The USD gloom is likely also driven by the publication of US unemployment claims data in the New York session yesterday (Thursday) which was less than satisfactory than market expectations.
Of course, the Euro continues to take the opportunity to show some recovery ahead of the latest speech from the President of the European central bank (ECB) Christine Lagarde at the European session.
Once again the price on the EUR/USD pair chart seems to have broken the 1.13000 support zone to create the latest 2021 lows around 1.12650 at the beginning of the Asian session on Wednesday.
But the ability for the price movement to continue to decline seems to have failed when the price again recorded a surge until it continued to the end of Thursday's trading session with a rise of more than 100 pips.
The uptrend also seems to be giving early indications to investors to make a trend change after the price has already started moving above the Moving Average 50 (MA50) barrier level.
If so, investors may be waiting for the price movement to test the SBR (support become resistance) zone of 1.14000 if the price manages to maintain the uptrend that it wants to implement.
A more encouraging surge to see a clear bullish signal will be observed to the next SBR zone at 1.15000 and will totally strengthen the expectation for the price to continue climbing.
But if the price movement continues to be dragged to create the lowest level over the weekend, the price is expected to head back to the support zone of 1.13000 before hitting the low of 1.12650.
The low decline beyond the two zones will see a big probability for the ‘Fiber’ currency pair to continue to record the latest lows for 2021.
