Euro Rebounds On A Softer USD

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The euro currency pared losses as it is on track to close with bullish gains for the second trading day.

Price action has recovered quite a bit after slipping to the support area near the 1.1714 level.

However, we see that the trend line is now likely to act as resistance as price tests from below. A breakout from the trend line from below could signal a move to the upside.

But note that the Stochastics oscillator is looking a bit weaker. This suggests that we might get to see a move back to the support area in the near term.

For the moment, the 1.1900 level remains the line in the sand. A breakout above this level is needed to keep the bullish momentum going.

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