The US dollar has continued to decline since the opening of the week until the New York session yesterday.
The Euro currency took advantage of the opportunity to strengthen to a 2-week high, but investors need to be careful with the factors that will affect price movements at the end of this week.
The focus will be on the outcome of the European Central Bank (ECB) policy meeting, with interest rates expected to be maintained at 2.15% after 7 consecutive rate cuts.
In addition, German and United States (US) manufacturing and services PMI data will also affect the movement of the Euro and US dollar today.
If we examine the movement of the EUR/USD currency pair chart, the price maintained an increase for the 4th consecutive day with the same pattern, namely the increase occurred in the New York session.
Like yesterday, Wednesday, price movements slowed in the Asian and European sessions before the surge in the New York session reached a height of around 1.17700 at the end of the session.
Prices are slowly recovering to continue the opening of the Asian session this morning (Thursday) with expectations that the rise will continue towards the target at 1.18000.
1.18000 is a resistance zone that has been the focus of price testing in early July, but the price failed to break through to a higher level.
If the rise after this manages to overcome the resistance, the price will record a new 4-year high with the target shifting to 1.19000.
On the other hand, if the price decline is displayed, the 1.17000 zone is likely to be approached again with a signal of a trend change being observed.
A continued decline lower could push the price back to last week's support zone at 1.16000.
