US Session Open: New long setup for EUR/USD, tutorial on Tradingview charts

EUR/USD extends gains toward 1.1700 in European trading on Friday, revisiting seven-week highs. The pair continues to benefit from persistent US Dollar selling bias, despite a cautious market mood. Traders await the US September PCE inflation and UoM Consumer Sentiment data for fresh impetus. 

GBP/USD sticks to a positive bias near 1.3350 in the European session on Friday. Traders prefer to wait on the sidelines ahead of the key US inflation and sentiment data due later in the day. In the meantime, broad-based US Dollar weakness keeps the pair underpinned. 

Gold holds gains while below $4,250 in European trading on Friday. Traders now seem reluctant and opt to move to the sidelines ahead of the September PCE Price Index, the Federal Reserve's preferred inflation gauge. 

Pi Network edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges experience a surge in inflows. Technically, the pullback in PI risks further losses, as the Moving Average Convergence Divergence indicator is flashing a sell signal. 

Statistics Canada will release its Labour Force Survey on Friday, and markets are bracing for a weak print. The Unemployment Rate is expected to tick higher to 7% in November, while the Employment Change is forecast to come in flat after a nice gain in October.

In the second half of the day, the US BEA will publish the PCE Price Index data for September, the Fed's preferred gauge of inflation. Later in the American session, investors will pay close attention to the UoM's Consumer Sentiment Index report for December.