The price movement on the EUR/USD currency pair chart appears to be flat after the previous upward pattern was limited around the 1.18000 high.
The flat price tested the resistance zone as investors watched the impact of the price movement by the latest published data.
As in the New York session yesterday, the price reacted to the surprise ADP employment report which saw a reduction of 33,000 jobs in the US private sector for June.
This gives a bad early sign ahead of the NFP report which will be published in the New York session tonight.
The US dollar is showing a depreciation in value but the market direction is still unclear, making investors remain cautious.
After falling to 1.17500 in the New York session yesterday, the price rebounded and returned to hovering slowly in the 1.18000 zone continuing the opening of the Asian session this Thursday morning.
If the bullish trend continues, a new 3-year high will be recorded after breaking through the 1.18000 zone.
The latest price target is to head towards a high around 1.19000.
However, if the price instead declines after failing to overcome the 1.18000 resistance, the nearest focus zone is at 1.17000 to be tested again like last week.
After a clearer bearish signal, the price is likely to continue its decline to around 1.16000 or even lower.
