Shocking reports regarding the US Court's (US) ban on President Donald Trump's tariffs have revived market sentiment at the end of the week.
The USD dollar also showed more significant strengthening at the opening of the Asian session on Thursday morning after the FOMC meeting minutes were reviewed.
For further focus, US economic growth data will be observed in the New York session tonight with expectations of a second reading unchanged as the initial reading published last month at -0.3%.
The EUR/SD currency pair chart is increasingly showing a clearer change in direction with further strengthening shown by the US dollar.
After a surge at the beginning of the week that reached around 1.14000, the price then began to retreat back down from the resistance zone.
Initial signals of a trend change were observed following the price moving below the Moving Average 50 (MA50) resistance line on the 1-hour timeframe on the EUR/USD chart last Tuesday.
Next, the price continued its slow downward trend to the 1.13000 zone in the New York session yesterday.
After leveling off while digesting the published FOMC minutes, the price plunged significantly at the opening of the Asian session this morning towards the target of 1.12000.
However, before touching that level, the price rebounded slightly before the price movement calmed down again.
With the expectation of further strengthening of the US dollar, the price is likely to continue the downward trend beyond the 1.12000 level.
The target will shift to the support zone of 1.11000 if the decline continues at the end of the week.
However, if the price manages to rise above the 1.13000 zone, the situation will change again.
The resistance zone at 1.14000 will once again be the focus to be aimed at and tested like trading at the beginning of the week.
