Market sentiment this week remains uncertain with trading on Wednesday night seeing risks subside again while the developments in the Russia-Ukraine crisis continue to be closely monitored by investors.
Missed compared to expectations to continue to drive strong, the US dollar, on the contrary, in the New York session last night was moving again gloomy.
The harbourers are also taking the lead in the Federal Reserve's (Fed) rate hike signal if Fed Chair Jerome Powell hints for a 25-point increase in the Mac's notes.
However, the movement of the US dollar will continue to be overshadowed by the war crisis between Russia and Ukraine which affects safe-haven trades including the US dollar.
Meanwhile, investors are wary of US dollar trade ahead of the US NFP jobs data report for February due out on Friday.
Examining price movements on the chart of the major EUR/USD currency pair, the price showed a decline in the European session overnight to hit its latest low in almost 2 years.
However, the momentum failed to sustain in the New York session where the price bounced back from its initial gains indicating the US dollar's dismal performance.
The price which broke the level of 1.10600 rose again to the level of around 1.11400, but is still moving in a downward price pattern.
The resistance level of the Moving Average 50 (MA50) on the 1-hour time frame remains a barrier to price increases as a signal for prices to continue moving in a bearish trend.
Although the risky market sentiment has eased a bit before, the price is still expected to continue its decline by starting trading in the Asian session this Thursday morning in the 'red'.
A further decline in prices is expected to target the 1.1000 support zone for prices to continue to record their latest lowest levels since May 2020.
But be careful if the price starts to make a spike if the US dollar continues to fail to dominate the market.
The price that breaks the MA50 barrier will test the resistance level at 1.12000 before giving an initial signal for a bullish trend change.
A higher increase will also lead to the SBR zone (support becomes resistance) up to 1.14000 after successfully breaking the previous 1.12700 zone.
