The US dollar did not show a clear direction of movement on Thursday yesterday, but was seen not to continue the recovery it tried to show last Wednesday.
This follows that analysts still expect the king of currencies to be at risk of further weakening after a significant decline occurred when the United States (US) inflation data was published last Tuesday.
With additional data including US jobless benefit claims yesterday, expectations are getting stronger for the Federal Reserve (Fed) to move towards slowing down their monetary policy.
If observed on the chart of the EUR/USD currency pair, the price movement hovers in a horizontal zone between the range of 1.08900 and 1.08300.
The increase in price to the 1.08900 level is seen to fail to continue higher to break through the 1.09000 level, instead retreating back down before leveling off until the end of the New York session around 1.08500.
The price is seen hovering at the Moving Average 50 (MA50) line on the 1-hour time frame on the EUR/USD chart which is observed by investors and can be an indication of the direction of the price's further movement.
If the price surges higher in these final sessions, the price will try to break out of yesterday's horizontal zone before continuing the bullish trend.
A move higher will target the concentration level at 1.10000 to continue to record recent highs.
However, if the price is pushed down, the price reaction at the 1.08000 zone will be observed for the next indication.
If the penetration is lower, the price can drop to around 1.07000 which was also the price concentration zone before.
