The EUR/USD currency pair on Wednesday extended sideways movement at about 1.0691 after the latest round of US data. The currency pair appears to be trading within a sideways channel formation in the 60-minute chart.

The pair continues to trade a few levels above the 100-hour moving average line. As a result, the currency pair seems to have a lot of room left to run on either side of the 14-hour RSI before entering overbought or oversold conditions.

EUR/USD Fundamentals Overview

From a fundamental perspective, the EUR/USD currency pair is trading at the back of a relatively busy period in both markets. On Tuesday, the preliminary EU’s HCOB composite PMI for April beat the expectation of 50.8 with a reading of 51.4. On the other hand, the manufacturing PMI missed the expected reading of 46.5 with a reading of 45.6, while the service PMI outshone the forecast of 51.8 with 52.9.

Elsewhere, Germany’s preliminary HCOB Composite PMI for April missed the forecast of 48.6 with a reading of 50.5. The manufacturing PMI for the period missed the estimate of 42.8 with 42.2, while the Services PMI came in better than expected with 53.3 versus 50.6.

In the US, the preliminary S&P Global Manufacturing PMI for April missed the expectation of 52 with a reading of 49.9. The preliminary S&P Global Services PMI for the period also fell short of 52 with 50.9, while new home sales for March beat the forecasted rally of 0.668 million with a tally of 0.693 million.

On Wednesday, US durable goods orders ex-defence for March missed the expected change of 2.5% with a change of 2.3%. The durable goods orders ex-transportation for the period also fell short of 0.3% with a change of 0.2%, while nondefence capital goods orders ex-aircraft were in line with the estimate of 0.2%.

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

Technically, the EUR/USD currency pair appears to be trading within a sideways channel formation in the 60-minute chart. The 14-hour RSI also seems to support a sideways movement, leaving ample room on both sides of the curve.

Therefore, the bulls will be targeting potential upward profits at about 1.0717 or higher at 1.0743. On the other hand, the bears will look to pounce on pullbacks at about 1.0669 or lower at 1.0645.

EUR/USD Technical Analysis (the Daily Chart)

In the daily chart, the EUR/USD currency pair appears to be trading within a descending channel formation. However, the 14-day RSI has recently bounced back to avoid entering oversold conditions.

Therefore, the bulls will be targeting extended rebound profits at about 1.0779 or higher at 1.0876. On the other hand, the bears will look to pounce on profits at about 1.0602 or lower at 1.0500.