The EUR/USD currency pair on Friday continued to trade within a consolidated triangle formation following Thursday’s rebound. The currency pair plummeted sharply on Thursday morning, following the latest round of economic data.

The pair remains pinned several levels below the 100-hour moving average line despite the late rebound. Therefore, the currency pair still seems to have more room left to run before reaching 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 both markets. On Thursday, the EU Central Bank voted to keep both the base interest rate and deposit rate unchanged at 0% and -0.5%, respectively. Earlier in the week, the EU ZEW survey economic sentiment for April missed the expectation of 0.2 with -43. The German data was impressive across several verticals.

In the US, the retail sales control group for March missed the expectation of 0.6% with a change of 0.5% (MoM). General retail sales for the period also came short of 0.2% with -0.1%, while retail sales ex-autos beat the expected (MoM) change of 1% with a change of 1.1%. Earlier in the week, the Producer Price Index ex-food and energy outperformed expectations while the CPI ex-food and energy came short of estimates.

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

Technically, the EUR/USD currency pair seems to be trading within a consolidative triangle formation in the 60-min chart. This indicates a lack of a clear directional momentum in the market sentiment.

Therefore, the bulls will be targeting potential triangle breakout profits at about 1.0831, or higher at 1.0860. On the other hand, the bears will be looking to pounce for short-term profits at about 1.0786 or lower at 1.0756.

EUR/USD Technical Analysis (the Daily Chart)

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

Therefore, the bears will be looking to extend the current declines toward 1.0711 or lower to 1.0617. On the other hand, the bulls will be targeting long-term profits at about 1.0897, or higher at 1.1000.