On April 23, the common European currency surged by 88 pips or 0.73% against the US Dollar. The currency pair breached the resistance level at 1.2080 during Friday’s trading session.
The exchange rate is likely to continue to edge higher during the following trading session. The potential target for bullish traders will be near the 1.2180 level.
However, the upper line of an ascending channel pattern near the 1.2140 area could provide resistance for the EUR/USD currency exchange rate in the shorter term.