There was a price change on the EUR/USD currency pair chart yesterday as the focus shifted temporarily to the published US economic data.
At the beginning of the week, the market was bombarded with concerns following reports of the Russia-Ukraine war conflict and the renewed tension in the tariff war between the United States (US) and China.
President Donald Trump raised aluminum and steel tariffs to 50% effective today (Wednesday) and also waited for countries to submit their best offers regarding tariffs.
The US dollar, which weakened at the beginning of the week, however, seemed to recover with the release of US JOLTS jobs data in the New York session yesterday.
If we look at the price increase last Monday, it reached a height of around 1.14500 which recorded a 6-week high.
However, the price direction changed again, showing a decline from that high to sink back below 1.14000.
The price movement, which is also back below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the EUR/USD chart, signals a change to a bearish trend.
The price hovered around the 1.13700 level at the close of the New York session and slowed around that area to resume trading in the Asian session this morning (Wednesday).
The expectation for the extended price decline is to re-approach the 1.13000 zone that was the focus of trading the previous week.
The decline will continue if there are factors that continue to support the re-strengthening of the US dollar in the market.
However, if the current focus issues again put pressure on the US dollar, the price could rebound to rise above the 1.14000 level.
The 1.14500 level will be attempted to be overcome before the price makes an increase to a new high with the target shifting to 1.15000.
