If the given resistance holds, the pair could bounce off the weekly PP at 1.2130.
Economic Calendar Analysis
This week will end with the US Manufacturing and Services PMIs at 14:45 GMT.
The next week is expected to be relatively calm in regards of the economic calendar.
Most of notable events are expected from the United States. Namely, on Wednesday, January 27, the Federal Reserve is going to unveil its monetary policy plans by publishing the FOMC Statement at 19:00 GMT.
On Thursday, January 28, the US Advance GDP data is set to be released at 13:30 GMT. Also, the US Unemployment Claims data will be published at the same time.
Click on the link below to find out more about the data releases of this and other currency exchange rates.
EUR/USD hourly chart's review
During Friday morning hours, the EUR/USD currency pair tested the resistance level—the weekly R1 at 1.2185.If the predetermined resistance level holds, it is likely that some downside potential could prevail in the market. Note that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2120/1.2140 range.
If the given support area holds, the European Common Currency could trade sideways against the US Dollar within the following trading session.
Hourly Chart
On the daily candle chart, the pair is heading upwards, supported by the 55-day moving average near 1.2080.
It is likely, that the given support could push the EUR/USD higher.
Daily chart
Read More: Technical Analysis
Swiss traders are neutral
On Friday, on the Swiss Foreign Exchange trader open positions were neutral, as 52% of open position volume was in long positions.
On Thursday, the sentiment was 52% long.
Meanwhile, trader set up pending orders in the 100-pip range around the pair were 68% to sell the pair.