Although Slow, EUR/USD Continues to Record New Lows!


 Focusing on yesterday's New York session, the second reading of the economic growth of the United States (US) for the last quarter of 2022 fell short of the forecast to remain.

Figures show growth decreased to 2.7% compared to the first reading of 2.9% that was published last January.

Nevertheless, the US dollar did not show a negative reaction, instead it was still seen to maintain strengthening in the New York session yesterday.

The price chart of the EUR/USD currency pair continued to record new lows yesterday when the decline reached around 1.05800.

Although the tempo is slow, the price continues to move in a bearish trend below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the EUR/USD chart.

Continuing trading in the Asian session this morning (Friday), the price hovered slowly at the concentration level of 1.06000.

Lower decline is likely to continue further with the target being at the 1.05000 support zone.

However, be careful if there is a change in the price direction at the end of the week with profit taking activities by market players.

If the price bounces back from the 1.06000 level, the rise is seen to continue towards the 1.07000 level for the resistance test price.

Crossing that level will give a clearer bullish signal for the price to continue its rise to the next concentration level, 1.08000.