Volatile, EUR/USD Ups and Downs Like a Roller-Coaster

<p>&nbsp;Volatile price movements were seen in yesterday's Wednesday trade with the US dollar weak against several currencies, however, also strong against several other currencies.</p><p><br /></p><p>Against the Euro, the US dollar moved weak to give some room for the European currency to rise after being pushed down earlier in the week.</p><p><br /></p><p>However, investors still find it difficult to determine the clear direction of price movement towards the end of the week.</p><p><br /></p><p>Examining the price chart of the EUR/USD currency pair yesterday, the price initially showed a decline in the Asian session from the 1.07000 level which was a resistance for the previous price.</p><p><br /></p><p>The decline reached around 1.06600 before rebounding in the New York session following the decline of the US dollar which has boosted prices higher.</p><p><br /></p><p>The increase is seen to have crossed the resistance level at 1.07000 and also penetrated the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the EUR/USD chart.</p><p><br /></p><p>This gives an early signal for a trend change that could happen for a bullish move for the price hereafter.</p><p><br /></p><p><br /></p><p>The horizontal price movement above the 1.07000 zone towards the close of trading in the New York session until it continues into the Asian session this morning (Thursday).</p><p><br /></p><p>If the rising pattern continues, the high level reached at the beginning of the week around 1.07500 will be the target to be challenged again.</p><p><br /></p><p>If it succeeds in overcoming it, the price will continue to rise towards around 1.08000 to record a new high level.</p><p><br /></p><p>On the other hand, if the price plunges again below the 1.07000 zone, the price could possibly drop lower than the level reached yesterday.</p><p><br /></p><p>Next, the decline will continue towards the focus zone at 1.05000 with a clearer bearish trend.</p>