The US dollar remains dismal heading into the end of the week as attention shifts to the Trump administration's spending and tax cut bill that is awaiting full approval.
Republicans themselves are divided on President Trump's massive tax cut plan due to concerns over the rising US national debt, which has now reached $36 trillion.
The US manufacturing and services PMI data report to be published in the New York session tonight will be in focus and is expected to drive further movement in the US dollar at the end of the week.
The Euro will also be influenced by the same data published in the European session for the reading of the German manufacturing and services sectors for May.
If we examine the price movement on the EUR/USD currency pair chart, the upward trend at the beginning of the week continued on Wednesday to a new 2-week high.
The price has risen above the important zone at 1.13000 and reached a high of around 1.13600 in the New York session yesterday before retreating at the close of the session.
The price hovered around 1.13200 at the opening of the Asian session this morning (Thursday) showing a slow increase.
The price, which is still above the Moving Average 50 (MA50) support line on the 1-hour timeframe on the EUR/USD chart, maintains a signal for bullish movement.
If the price increase continues, yesterday's high is expected to be overcome before continuing the increase higher.
The target is towards 1.14000 which was the previous price focus zone in late April trading.
On the other hand, if the price makes a decline below the 1.13000 zone again, the trend change signal will expect a bearish price movement to begin.
Further declines in price are likely to approach 1.12000 as the nearest target after the zone was the focus last week.
