Yesterday, the EUR/USD currency pair tried to breach the medium-term ascending channel north. During Thursday morning, the pair broke the upper channel line.

Note that the exchange rate has reached the resistance level formed by the weekly R2 at 1.1137. If the given level holds, it is likely that the rate could reverse south in the nearest future. In this case the rate could gain support from the weekly R1 at 1.1088.

Otherwise, it is likely that the Euro could extend gains the US Dollar within the following trading session. A possible upside target is the 1.1160/1.1180 range. Also, note that Philly Fed Manufacturing Index release at 12:30 GMT might affect the pair.

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