The movement of major currencies was mixed as investors remained cautiously awaiting the Jackson Hole symposium that will take place at the end of the week.
Attention will be turned to Federal Reserve (Fed) Chairman Jerome Powell for investors to get further guidance on the central bank's monetary policy.
The FOMC minutes report and the US (US) manufacturing and services PMI data will also be watched by investors to assess the direction of the US dollar.
The EUR/USD currency pair chart shows a change in direction in trading in different sessions since the opening of the week until yesterday.
The price increase was displayed until the European session yesterday reaching around 1.16900 before showing a decrease in the following session.
The price moving below the Moving Average 50 (MA50) resistance line on the 1-hour timeframe on the EUR/USD chart signals a tendency for prices to fall lower.
Starting slowly around 1.16400 at the opening of the Asian session this morning (Wednesday), the price continued to decline slowly with expectations of heading back to the 1.16000 level.
This level served as support for the price last week and it will be observed whether the price can bounce back after testing that important level.
If it breaks lower, the price will continue the bearish pattern that could lead to around 1.15000.
However, if the price manages to bounce back up past the MA50 barrier, the 1.17000 zone is seen as an important resistance for the price to overcome.
After the trend change signal is again indicated, the price has the potential to record new highs with the target shifting to 1.18000.
