The EUR/USD pair trades on a softer note near 1.0775 during the early European hours on Friday.
EUR/USD weakens to 1.0775 on the firmer USD on Friday. The pair keeps the bearish vibe below the key EMA on the daily timeframe. Thekeyresistance level will emerge in the 1.0790–1.0800 zone; the first downside targetislocatedat1.0724. The downtick of themajorpairis supportedby the renewed US Dollar demand amid hawkish comments from Federal Reserve officials. Later on Friday, the US Michigan Consumer Sentiment Index for May willbe released,whichisprojectedto drop from 77.2 in April to 76.
Thenext upside barrierisseennear a high of April 9 at 1.0885. The additional upside filter to watch is a high of March 21 at 1.0943, followed by March 8 at 1.0981, andfinallythe 1.1000 psychological level. On the downside, the first downside targetis locatednear a low of May 9 at 1.0724.Extended losses for EUR/USD expose the pair to a low of May 2 at 1.0650, en route toa low of April 16 at 1.0600.A break below this level will see a drop to the lower limit of the descending trend channel at 1.
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