EURUSD keeps range above 1.0800 after German IFO data

EURUSD is keeping its range above 1.0800 in the European session on Friday. The pair fails to find any inspiration from the upbeat German IFO survey and rising Eurozone inflation expectations, as the US Dollar finds fresh demand, as sentiment turns sour. Fedspeak awaited.

EURUSD retreated below the 200-period Simple Moving Average (SMA), currently located at 1.0830, on the 4-hour chart and closed the last 4 4-hour candles below that level. On an encouraging note for the bulls, the pair holds above the ascending trend line and the Relative Strength Index (RSI) indicator stays above 50.

If EURUSD manages to climb above 1.0830 and confirm that level as support, 1.0860 (Fibonacci 38.2% retracement of the latest downtrend) could be seen as the next bullish target ahead of 1.0900-1.0910 (psychological level, Fibonacci 50% retracement).

On the downside, 1.0820 (ascending trend line) aligns as immediate support before 1.0800 (psychological level, Fibonacci 23.6% retracement) and 1.0780 (100-period SMA, 50-period SMA).