EURUSD at Risk of a Reversal

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The euro currency is posting gains for a second consecutive day. But the pace of gains is somewhat subdued compared to a day ago.

As price action edges closer to 1.1800, the hidden bearish divergence on the stochastics oscillator suggests a possible move to the downside once again.

The lower support level at 1.1715 is likely to keep prices from falling further. Watch the minor rising trendline. If this is breached, it could signal a move lower below 1.1715 and likely push the euro toward 1.1600.

But the upside, the 1.1800 level is likely to come in as resistance.

However, if the common currency breaks above 1.1800 then we expect a move to the upside as the 1.1900 level will be challenged.

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