Once again, there is a change in direction in the movement of the US dollar currency as trading is approaching the end of this week.
Weak at the beginning of the week, the US dollar has shown a recovery on Tuesday driven by a good record in the JOLTS employment report for April
However, on Wednesday, the ADP employment data and the ISM survey of the United States (US) service sector came with disappointing readings.
The US dollar has moved weak again in the market and investors are cautious ahead of the NFP employment report on Friday.
For today (Thursday), the focus will be on the decision of the European Central Bank (ECB) policy meeting which is expected to lower interest rates by 25 basis points and will influence the movement of the Euro currency.
If we examine the movement of the EUR/USD currency pair chart, the price has decreased from the high level of 1.14500 last Tuesday to below the 1.14000 zone.
However, the price increase was shown again yesterday, surpassing 1.14000 and reaching a level around 1.14300 in the New York session.
The price movement then leveled off around that until continuing into the Asian session this morning, but gave a bullish signal after the increase exceeded the Moving Average 50 (MA50) line on the 1-hour time frame on the EUR/USD chart.
For the expectation of an extended increase, the 1.14500 level will be attempted to be overcome before the price records a new 6-week high.
The target will shift to 1.15000 if the upward pattern continues successfully.
However, if the price retreats below the 1.14000 level again, it will signal a signal for a fall again.
The price risks plunging to around 1.13000, which has been the focus of trading in previous weeks.
