EUR/USD Hovering In Key $1.1000 Zone, What's Next?

<p>&nbsp;The US dollar still maintained its strengthening on Tuesday trading yesterday but the momentum was observed to fade.</p><p><br /></p><p>The ISM survey data of the manufacturing sector of the United States (US) was published with gloomy figures and not much difference compared to forecasts.</p><p><br /></p><p>While the JOLTS data for job offers in the US for June was a little low but close to the forecast figure.</p><p><br /></p><p>Investors are likely to be more cautious today ahead of the release of US ADP jobs data which measures growth in the private sector while awaiting Friday's NFP jobs report.</p><p><br /></p><p>The Euro currency experienced a decline yesterday, but was seen to recover again at the opening of the Asian trading session this morning (Wednesday) following the weakening momentum of the strengthening of the US dollar.</p><p><br /></p><p><br /></p><p><br /></p><p>Looking at the price chart of the EUR/USD currency pair, the price continued its decline to around 1.09500 yesterday before rebounding above the 1.10000 level.</p><p><br /></p><p><br /></p><p>Price movement was slow in the Asian session this morning after a rise that crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame of the chart.</p><p><br /></p><p>If the rise continues today, the price will match the level at the beginning of the week at 1.10400 before rising higher to last week's high at 1.11500.</p><p><br /></p><p>Next, the price that continues to rise will test the resistance level around 1.12000.</p><p><br /></p><p>Meanwhile, for the expected price drop if it happens, passing the level reached in yesterday's New York session will expect the price to test the important zone of 1.09000.</p><p><br /></p><p>If the zone is broken, the price could reach around 1.08000 to record a recent 7-week low.</p>