As the warning has been given, investors witness changes in the current market movements, especially involving the US dollar currency.
After moving weakly since last week and continuing into this week, the US dollar began to recover on Thursday yesterday to reduce some of the previous sustained losses.
Other major currencies in the market were again pressured to decline again changing the previous movement pattern including the Euro.
The euro has pulled back again after hitting a fresh 5-month high against the US dollar this week.
On the EUR/USD pair chart, the bullish price that continued past the 1.11000 level has reached a 5-month high around 1.11400 in the European session yesterday.
However, continuing on the New York session, the price displayed a dive reaching 1.10600 at the end of the session recording a daily decrease of around 80 pips.
Start warning of a bearish trend change when the price has returned to move below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the chart.
If the price fails to retrace the 1.11000 level, a further decline could occur at the close of the last trading day for the year.
The target is for the price to fall back to the 1.10000 level if the US dollar manages to maintain its strength better.
However, if the US dollar resumes its decline, the price is likely to climb back above the 1.11000 level.
Next, yesterday's high level is expected to be overcome before the price records a new high level again before the 2023 trading curtain is anchored.
The 1.12000 level is still a target to be reached on the expectation that the price will continue to rise after this.
