Forex Trading Library

Euro gives back some gains on profit taking

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The euro currency gave back some gains on Friday, closing on a bearish note.

But, this came right after prices reached a new three-month high of 1.1382.

Despite the pullback, the bias in EURUSD remains to the upside. Unless there are signs of a lower high forming, EURUSD remains on track to post further gains.

Forming a lower high, of course, will change this view. It would put the euro on a path towards a correction lower.

Minor support is seen at 1.2378 which could stall prices from declines. But a close below this level might accelerate declines down to 1.1132.

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