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I would email. Let her know that you wanted to tell her directly, but also wanted to give her space because you know it might be a difficult announcement for her.

If it's a close friend, I would still tell her in person... email seems too "official" and I think a close friend would want to hear it directly from you, even if she is going through a tough time.

Plus, emails can be re-read over and over and over again... I think if she was having a particularly hard time, having something to look at again would be worse than just having you say it.

I have a close friend we go to church with that had had 2 mc & had been struggling to conceive for over a year when we got pregnant. I spoke to her personally, face to face, before we announced it... I just didn't want her blind-sided with us getting congratulated & her having to try & make face.

She ultimately was ecstatic for us, but for me I just wanted to make sure she'd be okay.

As the friend who had a loss and then watched several other friends have babies, I preferred non-in-person messages (to be not on the spot) that were just like "hey, i'm pregnant!" and didn't say anything about "hey, i wanted to tell you separately, i hope this doesn't make things awkward, yadda yadda." Essentially the worst thing was to feel like I needed to acknowledge their pregnancy *in light of my loss.* I liked being able to just say "Hey, that's great! Super excited for you." I did NOT want to have to say "Yes, congrats, thanks for telling me in this personal forum and reminding me that you think I may be weird about this."
But that's just me. And I'm kind of antisocial.

@Lozza: this

I would say text or email would be the best way.

I told my friend by text (I didn't know she was TTCing or miscarried) and I caught her on a bad day. She texted back something about "well, i'm happy for you I guess but I've been trying to get pregnant for some time so hearing stuff about surprise pregnancies just sucks" and some other stuff. I didn't respond back in depth (besides, sorry)because I didn't know what to say but she called me a few days later to apologize and she filled me in with her struggles with TTC and miscarriage.