The Euro currency was among the lowest performing in Thursday's trading while investors were focusing on the US NFP employment data report to be published in today's New York session.
The euro is back on track after economic tensions between Russia and Europe kept investors wary following Russian President Vladimir stressing demands on European countries to pay for Russian gas in rubles and concerns that Russia would restrict energy exports to Europe.
The return to risky market sentiment has also triggered an early strengthening for the US dollar as a safe-haven currency and investors want to see if tonight’s NFP report is able to propel the king of the currency or vice versa.
On the price chart of the EUR/USD pair, the price is seen again making a decline yesterday after showing a bullish pattern since last Tuesday.
But in Thursday's trading yesterday, the price failed to continue rising touching the expected level of 1.1200 before seeing the price decline again.
Signaling for a bearish trend change, the price has slipped below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame with a decline until the end of the New York session hitting around 1.10600.
If the bearish situation continues and the expectations of the NFP report support the strengthening of the US dollar, the price may fall to retest support at the level of 1.10000.
However, the continued decline will lead to a lower target to the zone around 1.0900 before testing the support zone at 1.0800.
On the other hand if the price reverses direction to make a rise, it is still expected for the resistance zone at 1.1200.
Successfully passing the resistance zone in turn will push the price to even higher levels with the latest target at the height of 1.14000.
Investors are now wary of the US NFP employment data report which is expected to have an impact on price movements at the close of trading this week.
