Looking For Direction, EUR/USD Flat Above $1.0800 Zone


 Price movement on the EUR/USD currency pair chart on Thursday was flat with investors remaining wary of market volatility at the end of the week.

The US dollar failed to show a clear direction but was seen to shrink weakly at the close of trading in the New York session yesterday.

A Reuters survey by economists still believes that the Federal Reserve (Fed) will slow down policy tightening based on published economic data.

However, there are also some Fed officials who think policy tightening measures still need to be continued to lower the inflation rate to the central bank's target level.

Meanwhile, the European Central Bank (ECB) is seen to be still on the path of tightening its policy based on signals from President Christine Lagarde and other members of the central bank.

Even so, the Euro currency failed to stand out and moved flat throughout the week following the movement of the US dollar.

On the EUR/USD chart, the 1.08000 zone is still a support for the price after successfully preventing the price from falling lower.

Several times throughout the week, however, the zone still managed to bounce the price back up.

Similarly, on Thursday's trading yesterday, the price that fell to the 1.08000 level then made an increase again to close the New York trading session higher by 30 pips.

The price movement slowed down around 1.08300 in the Asian session, but has been back above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart giving an expectation of bullish movement.

The price increase will test the weekly high reached at around 1.08700 before the continued increase will lead to the 1.09000 zone.

Continuing the movement of the bullish trend will see the price go up to a height of 1.10000.

The situation is different if the price decline occurs, the 1.08000 support zone will again be tested to be broken.

A bearish signal if the price breaks through lower before the price is expected to decline towards the concentration zone at 1.07000.