EUR/USD sits above 1.06, positive on the week

The EUR/USD has been moving sideways in a very tight range on Friday as the investors are enjoying a long weekend due to Easter holiday. At the moment, the pair is trading at 1.0615, flat on the day. On a weekly basis, the pair stayed in a 100 pip range and is headed for a positive close, gaining around 40 pips.

The pair is having a difficult time determining a short-term direction as the investors are hesitant to increase their euro positions before the first round of French presidential election. On the other hand, the US Dollar Index's irregular movements suggest that the markets haven't made up their mind about the greenback either.

Earlier during the week, President Trump suggested that the US dollar was too strong and triggered a sell-off but the bearish pressure couldn't sustain as the U.S. Treasury bond yields were able to correct their losses on Thursday. Today's data failed to cause volatility amid thinning volumes. 

• US: CPI falls 0.3% in March; index excluding food and energy falls 0.1%
• US: March advance monthly retail sales were $470.8 billion, 0.2% lower from February

On Monday, no sharp fluctuations are expected in the markets either as the Easter holiday will end on Tuesday.

Technical outlook

The pair is facing the initial hurdle at 1.0630 (100-DMA) followed by 1.0690 (20-DMA) and 1.0810 (200-DMA). To the downside, supports align at 1.0570 (Apr. 10 low), 1.0455 (Jan. 11 low) and finally 1.0390 (Jan. 4 low).