There was a recovery in the performance of the US dollar in trading yesterday Thursday, which slightly reduced losses after the price experienced a continuous fall this week.
However, heading into the still uncertain end of the week, investors still see the risk of the US dollar experiencing a decline.
If you look at the movement on the EUR/USD currency pair chart, the price has increased and approached the target level at 1.17000.
However, after recording a new high, the price continued to retreat and decreased until around 1.16100 in trading that continued into the New York session.
Testing the Moving Average 50 (MA50) support line on the 1-hour timeframe on the EUR/USD chart, the price bounced back at the close of the New York session around 1.16600.
If the US dollar continues to weaken at the close of this week, the price will continue to rise again with an attempt to retest the resistance of 1.17000 yesterday.
If it breaks higher, the price will target the 1.18000 resistance zone as in July trading.
Conversely, if the price makes a decline below the MA50 line, it will trigger an early signal for a trend change again.
The 1.16000 level is expected to invite a pullback in price before the decline, if extended, will head towards around 1.15000.
