Financial market movements until the last day of trading this week before the 2022 trading close are still seen as flat and slow, as analysts expected.
This situation has indeed been expected in advance with the lack of important economic data and factors in the market that can move prices.
However, the US dollar showed a slight decline yesterday following the impact of the United States (US) jobless claims data published in line with the forecast of increased figures.
But overall, the price movement on the main charts is seen to be still in a flat zone.
Examining the price movement on the EUR/USD currency pair chart, the price is still moving above the 1.06000 zone which has been a support for the price since last week.
However, there is a rising pattern that has been displayed yesterday towards the concentration level of 1.07000 which is a resistance zone for the price.
The zone was tested at the last FOMC meeting of 2022 in mid-December and prices hit a 6-month high.
Yesterday's price increase which headed towards the 1.07000 zone however failed to touch that level before retreating again and closing the New York trading session around 1.06600.
The movement of the price that started to be above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart gives an early sign for a bullish movement, but the price must first pass the resistance of 1.07000.
If it succeeds in passing it, the price will record the latest 6-month high level with the next target being to head around 1.08000.
However, if the price decline occurs again, the support level at 1.06000 will continue to be tested and will certainly feature an attractive price reaction.
If the breakout price is lower, investors will evaluate it as a signal of a bearish trend change before the price is expected to head towards the concentration zone at 1.05000.
