The Euro recovers its ground

The Euro versus the Dollar has recovered from the drop that it suffered at the beginning of today’s session, after it was known that the fine that Deutsche Bank will receive is much lower than expected. The shares of the German bank rallied immediately after the rumor along with the single currency. On the one hour chart of the EUR/USD we can see that the pair dropped to a low around the 1.1150 level, but then it went back up above the 1.1200 level to reach Thursday’s high, around the 1.1249 level. The price has formed what it appears to be an ascending triangle or pennant, which could give us a bullish breakout. In case the pair continues higher, its next resistance could be the 1.1300 level. To the downside, the 1.1200 level could act as support again if the price drops to that level.