The common European currency continued to rise against the Dollar in a tiny ascending channel. Despite release of improved housing data the pair managed to break through the upper boundary of a one-month long descending channel and end the day at the 61.8% Fibonacci retracement level located at 1.1887. The rising moving averages that are lying along the lower edge of the pattern are expected to support the further surge. However, there is a need to take into account that supposed resistance zone located around the 1.1910 mark might lead to a fully-fledged rebound. If this scenario materializes it might be a sign confirming an existence of another larger ascending channel. In this regard it should be noticed that 51% of pending orders in 100-pip range are set to sell.
