The EUR/USD currency pair on Friday bounced off the trendline support to trade at about 1.0796 following the latest round of global PMI data. The currency pair had dropped to trade at about 1.0771 in the afternoon session.

The pair continues to trade within a descending channel formation in the 60-min chart. As a result, the currency pair has plummeted o trade below the 100-hour moving average line. However, Friday’s late rebound prevented it from dropping to the oversold conditions of the 14-hour RSI.

EUR/USD Fundamentals Overview

From a fundamental perspective, the EUR/USD currency pair seems to be trading at the back of a relatively busy period in both markets. On Friday, the S&P Global manufacturing PMI for the EU region beat the expectation of 54.7 with 55.3. On the other hand, the PMI composite outshone 53.9 with 55.8, while the Services PMI beat 55 with 57.7. However, Germany’s manufacturing equivalent missed 54.5 with 54.1, while both the Services and the PMI composite outperformed 55.5 and 54.1, respectively with 57.9 and 54.5.

In the US, the S&P Global Manufacturing PMI beat the expectation of 58.2 with 59.7. However, the PMI Composite and the Services PMI both missed 58.1 and 58, respectively with 55.1 and 54.7. On Thursday, the US initial jobless claims for the week ending April 15 missed the expected claim count of 180k with a higher tally of 184k, while the continuing claims beat 1.455 million with 1.417 million.

EUR/USD Technical Analysis (the 60-min Chart)

Technically, the EUR/USD currency pair seems to be trading within a descending channel formation in the 60-min chart. This indicates a significant short-term bearish bias in the market sentiment.

Therefore, the bears will be looking to stretch the current declines towards 1.0771 or lower to 1.0732. On the other hand, the bulls will be targeting potential rebound profits at about 1.0819, or higher at 1.0852.

EUR/USD Technical Analysis (the Daily Chart)

In the daily chart, the EUR/USD currency pair seems to be trading within a descending channel formation. This also shows a significant long-term bearish bias in the market sentiment.

Therefore, the bears will be looking to retain long-term control of the pair by targeting profits at about 1.0669 or lower at 1.0536. On the other hand, the bulls will be targeting long-term profits at about 1.0929, or higher at 1.1082.