Upside breakouts

Dear Traders,

With no market-moving data and U.S. markets being closed for the Labor Day yesterday, trading has been very tranquilly. While the euro continued to trade consolidated between 1.1175 and 1.1120 , the British Pound gained some ground above 1.52 and climbed towards the 1.53-mark. Early this morning sterling has surged significant above 1.53, facing a next hurdle at 1.5360.

Eurozone Gross Domestic Product reports are scheduled for release today at 9:00 GMT. If numbers deviate from expectations, we may see further volatile swings in the EUR/USD.

Relief Rally in the EUR/USD

Technically, prices formatted an ascending triangle early this morning, which favored upcoming bullish momentum with a break of 1.1180. It has already proved correct when the euro jumped above 1.12 in the early trading hours. We see a next resistance at around 1.1236.

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