The minutes of the FOMC meeting that were published early this morning were seen to not invite a significant reaction to the movement of the US dollar.
In fact, the US dollar had started to move gloomy even before that when the ISM survey data for the manufacturing sector in the United States (US) was published with less encouraging figures, remaining below the level of 50.0 points.
The US dollar was also affected by the recovery in market sentiment following reports from China that it is considering further easing restrictions on coal imports from Australia.
The development of the country's economic opening is also still being monitored even though the increase in Covid-19 cases is now the latest concern.
Unlike the strengthening last Tuesday, the US dollar moved weakly throughout Wednesday yesterday until the focus was directed at the minutes of the FOMC meeting.
On the price chart of the EUR/USD currency pair, the price had previously reached a weekly low of around 1.05200 before climbing back up before leveling off above the 1.06000 level.
A move back above the 1-hour Moving Average 50 (MA50) support level on the EUR/USD chart signals a failed bearish trend move.
It is likely that prices will continue to rise if the US dollar continues to weaken ahead of the US NFP jobs data report on Friday with a gloomy data reading forecast.
If the increase continues, the price will go back to the 1.07000 resistance zone that was reached at the end of 2022.
Passing the resistance will push higher towards the target of 1.08000 while recording the latest 7-month high level.
On the other hand, if the price plunges again below the 1.06000 level, the decline will continue again to reach the support zone at 1.05000.
A lower drop is expected to reach around 1.04000 if the US dollar finds its strengthening pace again.
