The EUR/USD pair extended its bearish trajectory and dropped its lowest level since May/June 2017 on Thursday on the back of a strong follow-through US Dollar rally. Despite the fact that the Fed is in no hurry to hike interest rates anytime soon, a more dovish tilt by other major central banks across the globe and the incoming stronger US economic data has been fueling the ongoing USD upsurge. The latest positive surprise came from US durable goods order data, which surpassed even the most optimistic estimates and lifted the buck to its highest level in nearly two years.

However, the USD rally lost some steam during the North-American session and helped ease the bearish pressure surrounding the major amid highly oversold conditions. The pair finally settled around 15-pips off session lows and held steady just below mid-1.1100s during the Asian session on Friday as the market enters a wait-and-watch mode ahead of the key release of the advance US Q1 GDP report. The annualized US economic growth is seen easing a bit to 2.1% during the reported period from the previous quarter's final reading of 2.2%, though the forecast might have been upgraded in wake of the recent upbeat US macro data. 

There aren't any major market-moving economic releases from the Euro-zone and hence, the USD price dynamics might continue to act as an exclusive driver of the pair's momentum on the last trading day of the week. 

Looking at the technical picture, the pair already seems to have found acceptance below the 1.1185-75 support, marking 61.8% Fibonacci retracement level of the 1.0341-1.2556 up-move, and hence, remains vulnerable to slide further. Meanwhile, oscillators on the 4-hourly chart remain in oversold territory and warrant some consolidation/corrective bounce. However, any attempted bounce seems more likely to confront immediate resistance near the mentioned support break-point, above which the short-covering move could further get extended towards the 1.1215-20 supply zone.

On the flip side, weakness below the overnight swing low, around the 1.1120-15 region, now seems to drag the pair below the 1.1100 round figure mark towards testing a medium-term descending trend-line support, currently near mid-1.1000s. The mentioned trend-line extends from lows set in Aug./Nov. 2018 and should now act as a key pivotal point for the pair's next leg of a directional move.

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