EUR/USD Hovering at $1.0700 Support, About to Plunge Again?

<p>&nbsp;As expected by analysts for the tendency of the US dollar, the king of the currency still maintained its strengthening on Wednesday's trade yesterday.</p><p><br /></p><p>Market sentiment is judged to remain slightly risky giving an advantage to the movement of the US dollar towards the end of the week.</p><p><br /></p><p>It was also supported by the United States (US) services PMI data of the ISM survey published in the New York session with the reading for August rising higher than forecast and the previous month.</p><p><br /></p><p>Thus, the US dollar is seen to continue to exert pressure and sink other major currencies to fall lower.</p><p><br /></p><p>Following the situation, the Euro was pressured to remain hovering at a 13-week low against the US dollar.</p><p><br /></p><p><br /></p><p><br /></p><p>Looking at the chart of the EUR/USD currency pair, the price is hovering above the 1.07000 level which is seen as a price medicine support.</p><p><br /></p><p>Yesterday's weak bullish attempt only reached the 1.07500 level and did not cross the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart, still signaling a bearish movement.</p><p><br /></p><p><br /></p><p>The price made a drop back towards the 1.07000 level but still has not broken through it.</p><p><br /></p><p>A further decline would be expected for the 1.07000 level to be breached before the price makes a recent low.</p><p><br /></p><p>The target is heading towards around 1.06000 after the last time the price played around that was in last March's trade.</p><p><br /></p><p>As for the price increase forecast, after failing to break through the 1.07000 support, the price can bounce back up towards the 1.08000 level which is currently an obstacle for the price.</p><p><br /></p><p>Breaking that resistance will push the price higher to target the 1.09000 zone again.</p>