The single currency euro is trading sharply bullish against the dollar and pound in early trade in Europe on Friday. Most of the buying is trend triggered due to technical reasons, especially the breakout of the ascending triangle pattern. Let’s dig deeper into this.
The shared currency is extending the firm note at the end of the week and is lifting EUR/USD to fresh tops in the region of 1.1300 the figure. As you can see in the chart below, the EUR/USD was trading in the ascending triangle pattern which was extending it a solid resistance at 1.1285. But as you know, the ascending triangle pattern has a high tendency to break upward, and that’s what has happened today.
At the moment, the EUR/USD is trading near 1.1305, just above the 1.1285 resistance area. The closing of the hourly candle can extend the bullish rally towards 1.1320 and 1.1365.
Key Trading Level: 1.1301
So consider staying bullish above 1.1300 today with an initial target of 1.1321 and 1.1365.