Forex Trading Library

EURUSD Pulls Back After Briefly Rising Above 1.2000

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The euro currency posted a fresh high as prices briefly rose above 1.2000 handle. However, just as quickly, the euro pulled back off this level.

Price action is supported to the upside as it tests the 1.1950 level. This marks the previous highs from 18, 19 August.

As long as this level holds, a reversal could see the euro firming up above 1.2000.

Alternately, if the euro loses the 1.1950 handle, then we could expect to see a move lower.

Still, price action will be supported near the lower support area around 1.1800.

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