EUR/USD Flattening Slowly, Price Target Increases To $1.0800


The US dollar did not show a positive movement on Wednesday trading yesterday following the market in the United States (US) closed in conjunction with the Juneteenth Day holiday.

Other major currencies in the market maintained their advantage against the US dollar's dismal movement since the beginning of the week, but price movements were seen to be limited.

The market will examine some of the focus economic data at the end of the week which is expected to drive the current currency market again.

The Euro currency is seen to be still moving higher against the US dollar to maintain the bullish pattern from the opening of the week, but the risk of a change in trend remains keeping investors cautious.

If you look at the chart of the EUR/USD currency pair, the price is seen showing a slow but stagnant increase at the 1.07500 level.

The price movement is still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart, indicating that the signal remains bullish.

The price is flat around the 1.07400 level in the Asian session this morning (Thursday) with investors still cautiously watching for any latest indication to drive the price further.

For the expectation if the price increase happens after this, the analyst expects the price to go to the concentration zone of 1.08000.

The next higher increase will target the resistance zone at 1.09000.

On the other hand if the price shows a plunge after this, the initial concentration of the price is around the 1.07000 zone which is seen as the nearest support.

A move lower beyond that zone would see the price make a new low with a target at 1.06000.