After passive movements displayed by the US dollar since the beginning of the week, it is finally clear that a more significant depreciation occurred in the currency yesterday Wednesday.
Uncertainty regarding the United States (US) economy is still a concern for investors who are watching the latest data indicators in addition to global tariff developments.
Most recently, President Donald Trump has again threatened to impose a 100% tariff on chip and semiconductor imports.
In addition, India faces the risk of a 50% tariff following its refusal to comply with Trump's wishes not to do business with Russia.
The EUR/USD currency pair chart shows that the bullish pattern continues with the price rising after moving horizontally since the beginning of the week.
The price made a rise above the resistance level at 1.16000 to reach a new high this week around 1.16680 until trading slowed around that level in the Asian session this morning (Wednesday).
The bullish signal remains with the price continuing to move above the Moving Average 50 (MA50) support line on the 1-hour chart and continuing to rise further.
For expectations of continued gains, the 1.17000 level is getting closer to being tested before a higher rise targeting the 1.18000 resistance zone.
If the situation changes in the opposite direction, the 1.16000 level is seen to be tested in the initial attempt of a retracement of the price.
A break below will trigger a bearish signal again and the price risks plunging lower towards around 1.15000 or lower.
