$1.1000 Level Becomes Resistance, EUR/USD Plunges Again

<p>&nbsp;Several factors hovering in the market yesterday have influenced the movement of the US dollar currency in different sessions.</p><p><br /></p><p>At first the US dollar showed strengthening with the support of hawkish statements by Federal Reserve (Fed) Governor Michele Bowman on the central bank's monetary policy in addition to market risk-off sentiment with an assessment of China's economic data.</p><p><br /></p><p>However, at the New York session, the king of the currency witnessed a further decline when a dovish statement was delivered by Philadelphia Fed President Patrick Harker who saw policy tightening as over.</p><p><br /></p><p>In addition to the view that interest rates will be maintained, Harker also signaled that interest rate cuts will be implemented next year.</p><p><br /></p><p>Meanwhile, developments in Europe are quite tense with the news that the Italian government is about to impose taxes on banks, leading to a severe fall in the stock market.</p><p><br /></p><p>https://soundcloud.com/intradaydotmy/sis-fx-situasi-terkini-pasaran-fx</p><p><br /></p><p>The price movement on the chart of the EUR/USD currency pair saw the price plummet after testing the 1.10000 level which again became a resistance for the price.</p><p><br /></p><p>The bearish signal of the price moving below the Moving Average 50 (MA50) barrier level on the 1-hour time frame has reached 1.09300.</p><p><br /></p><p><br /></p><p>Then the price rebounded a little towards the end of the New York session to close around the 1.09500 level.</p><p><br /></p><p>The price showed a slow increase as it resumed trading in the Asian session today (Wednesday), but was still below the MA50 barrier.</p><p><br /></p><p>If the price decline continues, the price will test the important zone at 1.09000 which is still a support for the price.</p><p><br /></p><p>A breakout lower expects the price to head towards the next concentration level at 1.08000.</p><p><br /></p><p>On the other hand, if the US dollar weakens significantly, the price will jump up, crossing the 1.1000 level and the MA50 barrier will signal a change in the direction of further price movement.</p><p><br /></p><p>The rise will retest the height reached on last Friday's surge around 1.104000 before targeting a higher rise towards 1.11400.</p>