On Friday, the Eurozone single currency edged higher by 71 pips or 0.61% against the US Dollar. A breakout occurred through the upper boundary of a descending channel pattern during Friday’s trading session.
Given that a breakout has occurred, the exchange rate could continue to surge during the following trading session. The potential target for buyers will be near the weekly resistance level at 1.1832.
On the other hand, the EUR/USD currency exchange rate could reverse from the current price level at 1.1799 and target the 55– hour simple moving average at 1.1753 within this session.
