As expected by market analysts, the US dollar continued its downward trend on Tuesday.
The Euro took the opportunity to continue to recover its current trading performance before pressure returned ahead of the data to be published.
In addition to the manufacturing and services PMIs that will be in focus on Thursday, the Euro will also be influenced by the decision of the European Central Bank (ECB) policy meeting.
The interest rate is expected to be maintained at 2.15%, but attention will be paid to the central bank's follow-up statement on the direction of further monetary policy.
Judging by the movement on the EUR/USD currency pair chart since the opening of the week, the price has shown an increase of around 150 pips, after changing direction from the previous week's downward pattern.
On Monday, the price surged and tested the important zone at 1.17000 before continuing its rise on Tuesday yesterday, breaking through that zone.
The high reached in the New York session yesterday was 1.17600 before the price movement began to level off until it continued at the opening of the Asian session this morning (Wednesday).
The price remained above the Moving Average 50 (MA50) support line on the 1-hour time frame on the chart, suggesting that the bullish trend will continue.
For further price increases, the expectation is to head towards around 1.18000, which is an important resistance zone tested in early July.
On the other hand, if the price drops down, the 1.17000 zone will be approached and the price reaction around that will be observed for further direction.
If the price fails to bounce back up, a drop below that zone will risk a lower fall.
It is likely that the price will re-reach last week's focus zone at 1.16000.
