The mixed reaction of the market sentiment continues to raise question marks as it appears that investors are starting to take precautionary measures after being plagued by risks related to the current Omicron variant.
But the hawkish statement voiced by Federal Reserve (Fed) Chairman Jerome Powell is seen as still the mainstay that is likely to support the strengthening of the USD.
The market is likely to be more geared towards the release of US NFP data for November tomorrow (Friday) following the ADP NFP data report published yesterday with a positive reading from the expected decline.
Turbulent movements continued to push the price on the EUR/USD chart to move horizontally in the RBS (resistance become support) zone of 1.13000 throughout yesterday's (Wednesday) trading.
But the price trend is still seen as giving an early signal for the maintenance of the bullish trend after the price is still trading above the Moving Average 50 (MA50) barrier level at the 1 hour timeframe.
Furthermore, the signal is also supported after the formation of a bullish engulfing pattern on the daily time frame which means the price is likely to maintain the surge.
If so, the nearest target that is likely to be tested is in the SBR (support become resistance) zone of 1.14000 which is used as the focus to prove a clear and significant movement pattern.
This situation will certainly see the price on the EUR/USD chart is expected to be able to head to the SBR zone of 1.15000 which was once a support zone before being successfully broken in early November.
But should the price surge fail to show, it is certain that the RBS zone of 1.13000 will probably be breached this time around for the price to expect to track to the latest support zone at 1.12000.
In line with that, the lows reached at the end of November around 1.11900 will probably also be of interest to investors to test before expecting the price to decline lower.
