The Latest Data Becomes a Compass for EUR/USD Movement

<p>&nbsp;The price movement on the chart of the EUR/USD currency pair is getting more interesting towards the end of the week with the reaction to the important published data.</p><p><br /></p><p>However, it can be observed that the pattern of price decline has started to appear with market expectations that the US dollar will be more dominant after this.</p><p><br /></p><p>Last Wednesday, the US dollar received a strengthening injection from the speech of the Chairman of the Federal Reserve (Fed) Jerome Powell who repeated the hawkish message regarding the increase in interest rates that will be continued by the central bank.</p><p><br /></p><p>It can be seen that the price started to decline to the level of 1.09000 after falling below the Moving Average 50 (MA50) barrier in the 1-hour time frame on the EUR/USD chart, which is also a bearish signal for the price.</p><p><br /></p><p>The jump could be seen again in the European session yesterday as the Euro currency reacted positively to German inflation data which recorded an increased figure, supporting the European central bank's (ECB) tightening measures to continue.</p><p><br /></p><p>However, the momentum failed to be maintained after the price reached 1.09400 and also tested the MA50 barrier, plunging again after the return of the US dollar's strengthening urge.</p><p><br /></p><p>The final reading of the United States (US) economic growth data published surprised the market with a figure that increased to 2.0% compared to the forecast of only 1.4%, for the first quarter of this year.</p><p><br /></p><p>This is seen to further maintain the track of steps to tighten monetary policy by the Fed in an effort to achieve their inflation target.</p><p><br /></p><p><br /></p><p>The price decline until the end of the New York session reached 1.08600 which was the lowest level recorded this week.</p><p><br /></p><p>A lower drop would be expected to break past last week's levels around 1.08450 before heading towards a concentration zone at 1.08000.</p><p><br /></p><p>If the bearish movement continues to continue in July trading, the price can reach up to the level around 1.07000.</p><p><br /></p><p>However, if there is a price rebound at the end of this week and also for June, the price will try to break the 1.09000 level and the MA50 barrier.</p><p><br /></p><p>Successfully breaking through the following resistances will support a higher move towards the 1.10000 level reached last week.</p>