The strengthening of the US dollar continued to be difficult to challenge after the safe-haven Yen currency began to show a decline in Wednesday's trading yesterday.
Market sentiment however is still being assessed risky with concerns over tensions between Russia and the NATO countries involved as well as a lockdown in China.
The US dollar index has soared to a 5 -year high seeing the king of the currency continue to maintain its dominance throughout the week.
At tonight's New York session, the United States (US) economic growth data for the first quarter of 2022 will be the focus and will also influence the movement of the US dollar.
While the Euro continues to fail to curb the strengthening of the US dollar on it as Europe is also affected by energy crisis factors with the latest report on Russia's gas embargo to Poland.
Examining the price movement on the chart of the EUR/USD currency pair, the price is seen still continuing the decline to the latest 5 -year low in Wednesday's trading yesterday completing the decline of over 400 pips.
After the decline managed to pass the 1.06000 level, the continued decline in the New York session almost touched the 1.05000 target level before slightly rising to close the trade at the end of the session around 1.05500.
The movement that remains below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the EUR/USD chart still signals a bearish trend for the price.
For the target for further decline, the 1.04000 zone will be the focus where previously the zone was a price support in December 2016 trading.
However, if the US dollar starts to weaken and displays a different direction of movement, vigilance for price increases and previous focus levels will be re-tested.
Among the levels seen to be tested on the rise made is at 1.07000 after passing the initial resistance at 1.06000.
Furthermore, the SBR (support become resistance) zone at 1.08000 will be the focus on the successful continued increase in the price.
