During the first half of Monday’s trading session, the common European currency surged by 35 pips or 0.30% against the US Dollar. However, the EUR/USD pair surrendered the earlier gains by the end of Monday’s session.
As for the near future, the exchange rate could continue to edge higher in an ascending channel pattern. Bullish traders are likely to target the upper line of the channel pattern at 1.1920 within this session.
Although, the 50– hour simple moving average at 1.1877 could provide resistance for the currency exchange rate in the shorter term.
