Euro Trades Higher On Soft Greenback

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The euro is retesting the 1.1347 level of resistance, just two days after price failed to breakout.

The range within 1.1347 and 1.1261 is strongly held at the moment. An upside breakout will potentially push the euro towards the 1.1400 level once again.

The euro fell sharply following a retest of this level on June 11. But if the euro pares gains, we might continue to see the consolidation build up.

It also opens the common currency to downside risks as well. A close below 1.1261 will see a move lower towards the 1.1132 level.

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