In accordance with expectations, the common European currency continued to rise against the Dollar and by the end of the previous has reached the weekly R1 at 1.2074.
In the meantime, the pair has also formed a minor bullish pennant pattern, which presupposes further surge towards the two-year extremum located at the 1.2093 mark. Although today’s release of information on the American labour market provides good opportunity for a breakout, the currency rate is still expected to make a rebound and return back to the rising 55- and 100-hour SMAs. A one-week long junior ascending channel supports this assumption. In addition to that, 54% of pending orders in 50-pip range are set to buy.
