After FOMC Minutes Scrutinized, EUR/USD Moves Lower

<p>&nbsp;The US dollar has started to show its strengthening again in trading in the New York session yesterday when the report of the minutes of the FOMC meeting for June was focused on early this morning.</p><p><br /></p><p>No surprise, the market is scrutinizing the central bank's decision to maintain interest rates while some members are leaning towards a rate hike of 25 basis points to be implemented later.</p><p><br /></p><p>Important data involving the United States (US) employment sector and the service sector survey will be examined in the New York session later tonight before the next focus shifts to the NFP employment report at the end of the week.</p><p><br /></p><p><br /></p><p><br /></p><p>With the return of the strengthening of the US dollar, it can be observed that the price movement on the chart of the EUR/USD currency pair is increasingly showing a declining pattern on Wednesday yesterday.</p><p><br /></p><p>The price barred below the Moving Average 50 (MA50) level on the 1-hour time frame on the chart ended the New York session closing trade around 1.08500.</p><p><br /></p><p><br /></p><p>Further declines would be expected for prices to break past last week's lows before testing the focus zone at 1.08000.</p><p><br /></p><p>If it continues lower, the price can reach up to around 1.07000 which is also one of the focus levels for the price before.</p><p><br /></p><p>However, if there is a rebound in price beyond the MA50 barrier, the 1.09000 zone will try to be overcome before a higher rise occurs.</p><p><br /></p><p>The 1.10000 level remains an obstacle for the price to reach again and if it is crossed, the price will record the latest 9-week high level.</p>