Returning to change direction towards the end of the week, the US dollar weakened again although market sentiment is still considered risky.
Demand for safe -haven assets continues with the stock market still under pressure.
While developments in Europe, the UK and the EU are again facing Brexit tensions involving the issue of the Northern Ireland protocol.
The EU ambassador told the UK that the deal was not open to new negotiations after the UK had previously wanted changes in the agreement regarding Northern Ireland.
Although the Euro was seen to be under pressure, the European currency managed to strengthen its position in trading on Thursday against the US dollar which is weakening again.
On the price chart of the EUR/USD pair, the price is seen to have rebounded above the 1.05000 zone and reached the 1.06000 focus resistance zone.
The price also signals to resume the bullish trend after the price movement above the support level of Moving Average 50 (MA50) on the 1 hour time frame on the price chart.
The 1.06000 resistance zone will be the focus for investors to assess the price reaction in the zone after previous price hikes also tested the zone during the issuance of the NFP employment report and the last FOMC meeting.
If the rise continues, the target for a higher price rise is heading to the 1.07000 level before moving to the next focus zone at 1.08000.
However, if the 1.06000 zone still fails to break the price, the price decline can happen again and the price will return to the 1.05000 zone.
The lower decline will further return to the early focus level of the week around 1.04000 before testing last week’s lows around 1.03500.
