The US dollar is still maintaining a positive performance but the strengthening momentum shown in Tuesday's trading yesterday seems to be slower.
Although significantly strong at the beginning of the week, investors are starting to be cautious about the US dollar's movement after the JOLTS data published in the New York session yesterday showed the number of jobs in June in the United States (US) was slower than expected.
The ADP employment data will be in focus in the early New York session tonight along with the US economic growth report for the first reading for the second quarter of 2025.
Adding to investors' concerns about the US dollar's volatility is the FOMC meeting early Thursday morning with a statement to be delivered by Federal Reserve (Fed) Chairman Jerome Powell, which is awaited by the market.
If we examine the movement of the EUR/USD currency pair chart, the price traded slowly below the 1.16000 level in the Asian session yesterday and then continued the downward trend at the beginning of the week.
However, the daily decline of around 80 pips failed to touch the target level at 1.15000 before bouncing slowly at the close of the New York session.
Continuing the opening of the Asian session this morning (Wednesday) around 1.15500, the price is showing a slow increase and is likely to try to head towards 1.16000 again.
If the price decline is shown again, it is seen to reach the 1.15000 zone with the expectation that there will be an interesting reaction around that.
Further declines lower will target 1.14000 to record the latest 7-week low.
On the other hand, if the price increase successfully continues to penetrate the 1.16000 level, there is potential for higher increases to occur.
The initial target for the price recovery is to head towards around 1.17000 before approaching the resistance zone at 1.18000.
