EURUSD Paring Losses. Will 1.2000 Be The Next Target?

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The euro currency is trading somewhat stronger and is paring losses from the past few days. However, prices will need to rise above 1.1876 to fully recover from the slump earlier.

Right now, the currency pair is consolidation near the trend line and the horizontal support area around 1.1750.

A breakout above the trend line could potentially cement the bullish continuation.

To the downside, a close below 1.1750 could potentially raise the odds of a decline down to the 1.1600 handle.

There is also a possible head and shoulders pattern that could emerge, with the neckline support around the 1.1750 area and 1.1713 level.

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