Can the EURUSD Rise to 1.2000 Next?

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The common currency has resumed its bullish momentum, but prices are struggling near the trend line.

The consolidation is likely to continue into the FOMC meeting, following which we could see a potential move in either direction.

The Stochastics on the daily chart is showing mild weakness. However, the momentum to the upside could easily resume.

Alternatively, the bearish divergence might suggest that the EURUSD could pull back to establish proper support at one of the lower levels.

The price near 1.1900 is likely to be the downside target. A close below this level could, however, signal further declines.

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