The common European currency surged by 41 pips or 0.35% against the US Dollar on Wednesday. The currency pair tested the upper line of a descending channel pattern during yesterday’s trading session.
The exchange rate could continue to edge higher during the following trading session. The potential target for the EUR/USD pair would be near the resistance cluster at 1.1808.
However, the 100– hour simple moving average at 1.1751 could provide resistance for the currency exchange rate in the shorter term.
