During Thursday’s session, the currency pair was retraced by the 55-hour simple moving average to end the trading day at 1.1367. On Friday morning, the European Single Currency was supported by the monthly S2 to trade at the 1.1373 mark.
In regards to the near-term future, most likely, the currency pair will be supported by the monthly S2 at 1.1359 to trade sideways at the 1.1360 level. The 55-hour SMA will try to catch up the rate during the day.
On the other hand, the rate could pass through the support of the monthly S2 to depreciate to the weekly S2 at 1.1335 due to the resistance of the 55-hour SMA and the US Advance GDP q/q data release at 12:30 GMT on Friday.
