Trend Turning Bullish? EUR/USD Bounces Up From $1.0500

<p>&nbsp;The trend of price movement started to change on Thursday's trading yesterday, seeing the US dollar currency quite significantly experience a decline again.</p><p><br /></p><p>After showing strengthening from the beginning of the week, the US dollar began to lose its momentum with analysts assessing concerns over the risk of a 'government shutdown' which made investors wary.</p><p><br /></p><p>The decline of the US dollar that started in the European session yesterday continued into the New York session with a focus on the economic growth data of the United States (US) for the second quarter of 2023.</p><p><br /></p><p>The final reading remained at a low of 2.1%, missing expectations for a 2.2% rise.</p><p><br /></p><p>The Euro took this opportunity to recover after falling to an 8-month low against the US dollar.</p><p><br /></p><p><br /></p><p><br /></p><p>It can be observed on the chart of the EUR/USD currency pair, a change in price direction was exhibited yesterday.</p><p><br /></p><p>Prior to this, the continued decline in price had reached the support level of 1.05000 and the price was flat for a while as investors watched for a reaction to that important zone.</p><p><br /></p><p><br /></p><p>Then, there was a rebound with a height of around 1.05800, the price was reached on the increase until yesterday's New York session.</p><p><br /></p><p>The price has also crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame on the EUR/USD chart, signaling a trend change.</p><p><br /></p><p>If the increase continues at the end of this week, the 1.06000 level is seen to be tested and if broken, the price has the potential to return to around 1.07000.</p><p><br /></p><p>However, if the price starts to retreat down again, falling below the MA50 level will expect the price to test the 1.05000 support again.</p><p><br /></p><p>Once broken, the latest low will be recorded with the next price target being at 1.04000.</p>