The US dollar, which remained passive from the opening of the week until yesterday, prompted slow price movements on major charts.
The lack of new indicators made investors cautious after the NFP employment data published last week declined in addition to the volatility in the political administration in the United States (US).
The ISM survey data for the US services sector was published in the New York session yesterday, showing a declining reading in July.
This is seen as making it more difficult for the US dollar to show a recovery as the market expects an interest rate cut to be implemented in September.
The price movement on the EUR/USD currency pair chart is seen flat below the 1.16000 zone since the beginning of the week until the Asian session this morning (Wednesday).
Despite a significant surge last Friday, the price failed to continue its rise further.
The 1.16000 level is a resistance that needs to be broken to provide a clearer signal that the bullish movement will continue.
If successful, the price will head towards the focus level of 1.17000 before continuing to rise to the resistance zone of 1.18000.
Meanwhile, the opposite situation if the price fails to rise above 1.16000, it is possible that the price risks falling again near the level of around 1.15000.
A break lower would expect the support level reached last week at 1.14000 to be tested again.
