Price movements were slow throughout Wednesday's trading as the market cautiously watched global tariff developments.
Donald Trump's tariff suspension ended yesterday (July 9), but was extended until August 1.
The focus shifted briefly to the release of the FOMC minutes report early this morning, which saw the US dollar react to the depreciation of the value of the US dollar at the opening of the Asian session.
If we examine the movement on the EUR/USD currency pair chart, the price was flat above the 1.17000 zone for 3 consecutive days, indicating a limited attempt to decline in the area.
Flat above that zone throughout Wednesday, the price began to show a rebound in the Asian session this morning and began to break through the Moving Average 50 (MA50) resistance line, giving an early signal for bullish movement.
If the price increase continues higher, it is seen to head back to the resistance zone tested in the previous week, which is at 1.18000.
Breaking through the resistance will push the price to record a new record high for the 4-year trading period with the target moving to 1.19000.
Meanwhile, if the price drops below the 1.17000 zone, it will be a bearish signal for the price to continue its decline lower.
Several focus zones are seen as targets for the price to decline, namely the 1.16000 zone or even lower at the 1.15000 support zone.
