EURUSD Falls Back to Support Level, Suggesting Further Gains

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The euro gave back the gains after the 1.1000 level proved hard to breach. This sent the common currency lower.

Price is trading just a few pips off the support area at 1.0885 – 1.0879.

We expect some stronger consolidation to take place at this level.

Notice the hidden divergence on the Stochastics oscillator, which confirms that there could be some upside building up. But for this to happen, the EURUSD will need to break out above the 1.1000 level.

Alternatively, price action might settle back into range trading if for some reason the support area fails.

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