EUR/USD cycled on Friday, stuck in a near-term range between 1.0840 and 1.0810 as markets settle in for the weekend and gear up for the long wait for significant data. Fresh figure prints aren’t due until the back half of next week, and the pair is hanging onto the top half of the week’s chart action. Next week sees US Gross Domestic Product (GDP) on Wednesday, followed by German Retail Sales and German Consumer Price Index (CPI) figures on Thursday. Thursday also sees US Personal Consumption Expenditure figures (PCE). Pan-European Harmonized Index of Consumer Prices (HICP) rounds out next week alongside US ISM Purchasing Manager Index (PMI) numbers.
EUR/USD continues to churn the waters just above the 1.0800 handle as the pair remains bolstered above the 200-hour Simple Moving Average (SMA) near 1.0780. The pair managed a bullish climb into a near-term high of 1.0888 in the midweek before getting pushed back to familiar levels. Daily candlesticks reveal the EUR/USD remains hampered by the 200-day Simple Moving Average (SMA) at 1.0827, and despite being on pace to close for an eighth consecutive trading day on Friday, EUR/USD remains on the low side of key technical levels. The pair is still down around 2.8% from late December’s peak bids at 1.1140.
