Failing to continue the pattern displayed previously, the EUR/USD currency pair chart began to signal a change in direction at the end of the week.
The downward price pattern failed to be maintained when the US dollar failed to continue strengthening further despite the positive economic data published in the United States (US).
US retail sales data recorded a better increase than expected for June, but the US dollar was seen losing momentum and weakening further in trading in the Asian session this morning (Friday).
If you look at the EUR/USD chart, the price simply leveled off below the 1.16000 level until yesterday's New York session ended with a daily low of around 1.15600.
Continuing the opening trade of the Asian session this morning, the price rose above the 1.16000 level and also surpassed the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart.
This signals an early trend change, but investors remain cautious with the direction of the uncertain movement at the close of trading this week.
If the rise higher continues, the price is seen to test the 1.17000 focus zone that was almost touched during last Wednesday's surge.
Breaking through that zone would show a clearer bullish movement with the target of the increase shifting higher.
However, if the price is pushed back below 1.16000, it is likely that the previous downtrend will resume.
For further declines, the price will target the 1.15000 zone to record a new 3-week low.
