EUR/USD Stranded After 'Testing' the $1.1000 Zone

<p>&nbsp;The rising price pattern on the EUR/USD currency pair chart seems likely to continue in the Asian session yesterday, but the price shows movement in the opposite direction in the next session.</p><p><br /></p><p>Initially the price hovered above the 1.10000 level after the continued rise reached the resistance zone, but the price failed to hold for long.</p><p><br /></p><p>The retracement of prices occurred when trading resumed in the European and New York sessions.</p><p><br /></p><p>The factor that is seen to limit the price increase is the United States (US) economic growth data published yesterday with increased figures.</p><p><br /></p><p>This has supported a slight recovery in the US dollar which has experienced continuous depreciation over the past few weeks.</p><p><br /></p><p>However, the price pattern displayed on the EUR/USD chart is still seen to be in a bullish trend with the price drop also still supported by the Moving Average 50 (MA50) line on the 1-hour time frame on the chart.</p><p><br /></p><p>The price movement in the Asian session this morning (Thursday) slowed down around 1.09800 with the expected price increase if it happens will continue to test the 1.10000 resistance zone.</p><p><br /></p><p><br /></p><p>If the price breaks through the resistance, the bullish trend will continue with the price likely to record the latest high level for the close of trading this November.</p><p><br /></p><p>The target is to head around 1.10700 or reach a height of 1.11000.</p><p><br /></p><p>However, if the price fails above the 1.10000 resistance and starts to move below the MA50 barrier level, investors may need to prepare for a price change anyway.</p><p><br /></p><p>A decline could occur after there is a bearish signal with the expectation that the price could reach again up to 1.10900 or lower at around 1.108000.</p>