The EUR/USD currency pair on Friday extended gains towards 1,0630 after the latest round of durable goods data. The currency pair continues to trade within an ascending channel formation in the 60-min chart.
The currency pair has now rallied to trade above the 100-hour moving average line. As a result, the pair seems to be moving closer to the overbought conditions of the 14-hour RSI.
EUR/USD Fundamentals Overview
From a fundamental perspective, the EUR/USD currency pair is trading at the back of a relatively busy period in the US market. On Friday, the US durable goods orders for November missed the expected change of -0.6% with a change of -2.1%.
On the other hand, nondefense capital goods orders ex-aircraft outperformed the forecasted change of 0% with a change of 0.2%, while durable goods ex-transportation beat the estimate of 0% with a change of 0.2%. Elsewhere, durable goods ex-defence missed the expectation of 0.1% with a change of -2.6%.
Personal income for November outperformed the expected (MoM) change of 0.2% with a change of 0.4%, while personal spending for the period missed 0.2% with a change of 0.1%. On the other hand, the Michigan Consumer Sentiment Index for December beat the expected reading of 59.1 with a reading of 59.7, while the new home sales for November outshone the (MoM) forecast of 0.6 million with a tally of 0.64 million.
EUR/USD Technical Analysis (the 60-min Chart)
Technically, the EUR/USD currency pair appears to be trading within an ascending channel formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment.
Therefore, the bulls will be looking to extend the current gains toward 1.0641 or higher to 1.0658. On the other hand, the bears will be targeting pullback profits at about 1.0611 or lower at 1.0593.
EUR/USD Technical Analysis (the Daily Chart)
In the daily chart, the EUR/USD currency pair also appears to be trading within an ascending channel formation. This again shows that the market is experiencing a long-term bullish bias.
Therefore, the bulls will be targeting long-term profits at about 1.0690 or higher at 1.0774. On the other hand, the bears will be targeting potential reversal profits at about 1.0542 or lower at 1.0455.