The market is moving in uncertainty with investors starting to be cautious with early signals from the JOLTS jobs report published in the New York session yesterday.
The US dollar did not show significant movement, it is likely that investors are still waiting for several more important data today (Wednesday) that can provide a clearer picture of US economic activity.
ADP data for private employment and US Gross Domestic Product (GDP) data for the first quarter of 2025 will be published early in the New York session.
Also following will be the Federal Reserve's (Fed) favorite inflation component, the PCE price index, which measures US personal consumption spending.
If observed on the EUR/USD currency pair chart, the price is still moving horizontally throughout Tuesday yesterday below the 1.14000 resistance zone.
Although the JOLTS data came with a weak reading, significant price movements did not occur, but it is likely that the situation will change with the publication of several data today.
In the Asian session this morning (Wednesday), prices hovering below 1.14000 slightly dropped below the Moving Average 50 (MA50) line on the 1-hour time frame on the chart with the direction of price movement still mixed.
If the US dollar manages to recover this week, the price decline will occur for the support zone at 1.13000 to be tested.
A break lower will give a bearish signal for the price to continue the decline to the next focus levels such as 1.12000 and 1.11000.
However, if the price makes a rise beyond the support zone of 1.14000 driven by a clear depreciation of the US dollar currency, the price could head back to last week's high around 1.15700.
Next, the resistance zone at 1.16000 will be tested before the price continues to record a new 4-year high.
