Price movements on the EUR/USD currency pair chart are still considered risky by investors with a less clear direction towards the end of the week.
However, the price is seen slowly declining downwards with several bounces also observed in different sessions.
Ahead of the Jackson Hole symposium at the end of the week, investors will examine the release of PMI data for Germany and the United States (US) today (Thursday) which will affect the Euro and US dollar.
The manufacturing and services sectors for August will be evaluated as investors are watching the impact of global tariffs on the economy.
Slightly decreased in the Asian session yesterday Wednesday around 1.16200, the price then climbed back up in the next session with a height of 1.16700 reached.
At the close of the New York session, the price retreated slightly and ended around 1.16500 before leveling off until trading resumed at the opening of the Asian session this morning.
The slow price movement below the Moving Average 50 (MA50) line on the 1-hour timeframe of the EUR/USD chart is a bearish signal, but investors are still waiting for clearer clues.
If the price drops lower, the 1.16000 level will be broken and the price reaction will be observed to see if a rebound will occur like the previous week.
If the price continues to decline below that level, the further price target is seen at 1.15000.
However, if the price makes a rebound, the resistance zone at 1.17000 will be reached and tested again.
A higher rise will push the price to record a new 4-week high with the target shifting to around 1.18000.
