The EUR/USD pair extended its upward momentum on Friday, driven by a decline in US Durable Goods Orders. The US Dollar Index, which measures the greenback’s strength against major currencies, retreated slightly below 104.00.

While the US economy shows signs of resilience, with strong job market data and retail sales figures, concerns about a potential global economic slowdown are weighing on the dollar. The European Central Bank’s (ECB) dovish stance and expectations of further interest rate cuts are also supporting the euro.

Technical Analysis

The EUR/USD pair is currently trading above the 1.0800 level. However, the 200-day EMA near 1.0900 remains a key resistance level. A break above this level could signal a stronger bullish trend.

On the downside, the 1.0700 level and the upward-sloping trendline from the October 3 low could provide support. A break below these levels could lead to further downside.