Upside risks dominated the EUR/USD currency pair on Thursday. As a result, the common European currency rose by 77 pips or 0.65% against the US Dollar during Thursday’s trading session.

The exchange rate is currently trading near the upper boundary of a descending channel pattern and could be set for a breakout.

If the breakout occurs, a surge towards the 1.1920 area could be expected within this session.

However, if the channel pattern holds, sellers could target the weekly support level at 1.1801 during the following trading session.