The US dollar's losses were successfully reduced after showing a recovery in trading yesterday Tuesday, supported by data published in the New York session.
The US consumer confidence survey showed an excellent increase to 98.0 points, the highest in 4 years.
The survey showing household financial confidence managed to restore the US dollar's movement while investors await more important data on Thursday, namely the second reading of the US Gross Domestic Product (GDP) and the FOMC meeting minutes report.
Observing the price movement on the EUR/USD currency pair chart, the direction began to change showing a decline again on Tuesday yesterday.
At the opening of the first week of last week, the price had reached a new 4-week high in the 1.14000 area.
However, the price failed to break through the resistance zone before retreating back down, in addition to the published data supporting the recovery of the US dollar.
The price has dropped back to the 1.13000 support zone and is signaling a bearish trend change after moving below the Moving Average 50 (MA50) resistance line on the 1-hour chart.
If the US data after this further supports the US dollar to strengthen, the price will be pushed lower beyond the 1.13000 zone that is being tested.
Further declines in price are seen to return to previous support levels such as 1.12000 or the 1.11000 support zone.
However, if the price manages to bounce back from the 1.13000 zone, the upward pattern of last week is likely to continue.
The 1.14000 resistance zone will be attempted to be overcome before the price records the latest high.
