On Friday morning, the EUR/USD currency pair traded sideways near the psychological level at 1.1140.
The pair could trade sideways around the given level, squeezed by the 55-hour simple moving average and the 2018/2019 minimum, located at 1.1159 and 1.1124 respectively.
The European Common Currency traded sideways against the US Dollar, following the US Durable Goods Orders data release on Thursday at 12:30 GMT. The EUR/USD exchange currency rate lost 8 pips or 0.07% right after the release. The Euro continued trading at the 1.1140 level against the US Dollar.
Census Bureau released the US Core Durable Goods Orders data that came out better-than-expected of 0.4% compared with forecast 0.2%.
The US Durable Goods Orders reached 2.7% in March. This is the strongest growth since July. According to analysts, the rise was driven by the growing demand for commercial aircraft. Economists are expecting that the US manufacturing, weakened by slower global economic growth and trade wars, will begin to recover in following months to support the economy.
Last week of the month
On Friday, at 12:30 GMT the US Advance GDP will be published. This is the top US data set, which has the largest impact on the US currency.
Meanwhile, check out the previous data release covers and economic calendar analysis on the Dukascopy Webinars YouTube channel.
EUR/USD hourly chart's review
On Thursday, the EUR/USD exchange rate declined to the lower boundary of the medium-term descending channel at 1.1120. During Friday's morning, the rate started trade up.It is expected, that some upside potential could prevail in the market. However, important resistance cluster to look out for is a combination of the 55-hour SMA, the weekly S2 and the Fibo 62.00% in the 1.1160/1.1178 range.
On the on the other hand, the currency pair could trade sideways around the psychological level at 1.1140, supported by the lower channel line and the weekly S3 located at the 1.1112 mark.
Hourly Chart
The EUR/USD exchange rate is still pressured by the 55-day SMA.
It is likely, that the given moving average continues to push the rate lower. However, the rate has to surpass the support level formed by the monthly S1 at 1.1114.
Daily chart
On the Swiss Foreign Exchange, 67% of the total open position volume was in short positions.
Meanwhile, trader set up pending orders in the 100-pip range were bearish. Namely, 54% of all orders were set to sell.