As analysts expected, market movements on Wednesday remained flat as investors remained cautious after failing to get a clear indication of the central bank's monetary policy from Federal Reserve (Fed) Chairman Jerome Powell.
The focus is now on the United States (US) consumer price index data that will be published in the New York session tonight with the expected US inflation rate decreasing.
This situation also expects the Fed to slow down its policy tightening and may push the US dollar to experience depreciation.
If examined on the price chart of the EUR/USD currency pair yesterday, the price moved horizontally but there was a slight increase displayed.
The price has reached a recent 7-month high around 1.07700 but pulled back at the close of trade at the end of the New York session.
Still giving a bullish signal when the price is still above the support level of the Moving Average 50 (MA50) on the movement in the 1-hour time frame of the EUR/USD chart.
The slow movement continued at the opening of the Asian session this morning (Thursday) with the expectation that price increases will continue.
The target at the resistance of 1.08000 is seen to be the focus to be tested by the price and will also record the latest high level.
Beyond the following, the surge that continues is seen to lead to the concentration zone of 1.09000 or reach 1.10000.
The situation can change if the price starts to show a decline below the MA50 level and then the 1.07000 level is seen to be tested.
If the level fails to support the price to bounce back, the decline will continue towards the previous focus level such as around 1.06000 and support 1.05000.
