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The Euro (EUR) advances against the US Dollar (USD) in muted trading as financial markets are closed on Good Friday. At the time of writing, EUR/USD trades at 1.1385, up 0.21%, lacking the strength to break the elusive 1.14 mark.

EUR/USD up 0.21% in holiday-thinned trading as markets digest US-China shipping levies and renewed Fed independence concerns

The financial markets' narrative remains focused on the United States' (US) controversial trade policies, which drove prices to dump the Greenback in favor of other G8 FX peers, like the shared currency.

Still, the White House is moving forward with applying levies on Chinese ships docking at US ports, which would threaten to shake up global shipping routes and escalate the trade war between China and the US.

On Thursday, breaking news revealed that President Trump was angered at Federal Reserve (Fed) Chair Jerome Powell and considered ousting him. Although market participants did not react to the headline, recently, White House Senior Adviser Kevin Hassett insisted that “Trump is studying whether firing Fed's Powell is an option.”

In the meantime, the US Dollar Index (DXY), which tracks the buck's performance against a basket of six other currencies, falls 0.09%, down to 99.31.

With the news flow light, European Central Bank's (ECB) Madis Müller revealed that the drop in energy prices and tariffs supported the rate cut. He added that police do not remain a constraint and that key indicators are moving in the right direction. He also pointed out that a more fragmented economy could push prices up.

EUR/USD Price Forecast: Technical outlook

EUR/USD trades near the current week’s peak near 1.1400, with price action showing the Euro is poised to extend its gains past that area, opening the door for further upside. Key resistance levels are at the April 11 high at 1.1473, followed by 1.1498, the February 2022 peak, ahead of the 1.1500 figure.

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