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• The EUR/USD currency pair continued to cycle north of the 1.0800 mark.
• European data confirmed preliminary prints.
• Investors will have to wait until mid-week for meaningful data.

The EUR/USD currency pair cycled on Friday, seemingly stuck in a near-term range between 1.0840 and 1.0810 as markets settled in for the weekend and geared up for the long wait for significant data. Fresh figure prints aren’t due until the back half of next week, and the pair had been hanging onto the top half of the week’s action.

Next week will see US Gross Domestic Product (GDP) on Wednesday, followed by German Retail Sales and German Consumer Price Index (CPI) figures on Thursday. Thursday will also see US Personal Consumption Expenditure figures (PCE). Pan-European Harmonized Index of Consumer Prices (HICP)  data will round out next week alongside US ISM Purchasing Manager Index (PMI) numbers.

Market Movers: Thin Action for EUR/USD Left Pair Strung Along the Middle

• Friday's trading was pulled into the mid-range, and the EUR/USD duo continued to grind it out near the 1.0820 mark.
• Germany’s final GDP print for the fourth quarter revealed nothing new, as it confirmed the preliminary prints.
• Final German Q4 GDP declined -0.3% quarter-over-quarter, and it fell -0.4% compared to the same quarter last year.
• German IFO Expectations for February improved more than expected, printing at 84.1 versus the forecast for 84.0 and beating the previous print of 83.5.
• Several European Central Bank (ECB) policymakers hit the newswires as Europe’s Eurogroup meeting got underway alongside the second day of EcoFin Meetings.
• Next Thursday’s US PCE Price Index figures for January will be a key dataprint as investors seek signs the Federal Reserve (Fed) will get pushed into rate cuts sooner rather than later.
• US Month-Over-Month January PCE Price Index is forecasted to tick higher to 0.3% from 0.2%.
• Core PCE for the same period is expected to accelerate to 0.4% from 0.2%.

Euro Price This Week

The table below shows the percentage change of the euro against the major currencies this week.

Technical Analysis: EUR/USD Remained Pinned to 1.0820

The EUR/USD pair continued to churn the waters just above the 1.0800 handle as the pair remained bolstered above the 200-hour Simple Moving Average (SMA) near 1.0780. The pair managed a bullish climb into a near-term high of 1.0888 in mid-week trading before getting pushed back to familiar levels.

Daily candlesticks revealed that the EUR/USD duo remained hampered by the 200-day Simple Moving Average (SMA) at 1.0827, and the pair remained on the low side of key technical levels. The pair was still down around 2.8% from late December’s peak bids at 1.1140.

EUR/USD Hourly Chart

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EUR/USD Daily Chart

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