The US dollar still maintained its strengthening on Tuesday trading yesterday but the momentum was observed to fade.
The ISM survey data of the manufacturing sector of the United States (US) was published with gloomy figures and not much difference compared to forecasts.
While the JOLTS data for job offers in the US for June was a little low but close to the forecast figure.
Investors are likely to be more cautious today ahead of the release of US ADP jobs data which measures growth in the private sector while awaiting Friday's NFP jobs report.
The Euro currency experienced a decline yesterday, but was seen to recover again at the opening of the Asian trading session this morning (Wednesday) following the weakening momentum of the strengthening of the US dollar.
Looking at the price chart of the EUR/USD currency pair, the price continued its decline to around 1.09500 yesterday before rebounding above the 1.10000 level.
Price movement was slow in the Asian session this morning after a rise that crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame of the chart.
If the rise continues today, the price will match the level at the beginning of the week at 1.10400 before rising higher to last week's high at 1.11500.
Next, the price that continues to rise will test the resistance level around 1.12000.
Meanwhile, for the expected price drop if it happens, passing the level reached in yesterday's New York session will expect the price to test the important zone of 1.09000.
If the zone is broken, the price could reach around 1.08000 to record a recent 7-week low.
