On Friday morning, the EUR/USD currency pair was trading at the 1.1390 level.
Note, that the pair is supported by the 55- and 100-hour SMAs, located circa 1.1370, thus, some upside potential could prevail in the market.
The European Common Currency traded sideways against the US Dollar, following the US Final GDP data release on Thursday at 12:30 GMT. The EUR/USD exchange currency rate lost 3 pips or 0.03% right after the release. The Euro continued trading at the 1.1372 level against the Greenback.
Bureau of Economic Analysis released the US Final GDP data, which came out in line with expectations of 3.1%.
According to the official release: "The first-quarter percent change in real GDP was the same as previously estimated, reflecting upward revisions to nonresidential fixed investment, exports, state and local government spending, and residential fixed investment that were offset by downward revisions to PCE and inventory investment, and an upward revision to imports."
G20 summit is on focus
No economic data are expected releases on Friday. However, it is likely, that today the market is focused on G20 summit.
The full review of all of the notable events is available in video on the Dukascopy Webinars YouTube channel.
EUR/USD hourly chart's review
During the previous trading session, the EUR/USD currency pair continue to trade sideways around the psychological level at 1.1370.Note, that the pair is supported by the 55– and 100-hour SMAs, currently located at 1.1368 and 1.1376 respectively. Thus, some upside potential could prevail in the market, and the pair could target the monthly R3 at 1.1410.
However, note, that the market participants are focused on G20 summit today. Thus, the exchange rate could continue to trade sideways, supported by the given moving averages.
It is unlikely, that the rate could drop lower than the 1.1337 mark due to the support of the monthly R2.
Hourly Chart
On the daily candle chart it is seen, that the rate is trading near the combined resistance of a monthly pivot point at 1.1412 and the upper trend line of the large scale ascending channel pattern.
Meanwhile, note that the 200-day simple moving average also provided support to the stopping of the rate's decline. Namely, the SMA was supporting the rate at 1.1350.
Daily chart
Since Monday, most open EUR/USD position volume was in short positions. Namely, 72% of open volume on the Swiss Foreign Exchange was in short positions.
It was explained by long traders taking profits and opening short positions in the expectations of a retracement down.
Meanwhile, trader set up pending orders on Friday in 100-pip range around the pair were bullish, as 56% of all orders were set to buy and 44% were to sell.