EURUSD Gives Back Gains

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The euro currency is trading weaker on Thursday as price action reversed the gains from earlier in the week.

The reversal came after the EURUSD rose to highs of 1.1880 before giving back the gains. The reversal is also a few pips shy of the 1.1900 level of resistance.

If the current pullback continues, then the EURUSD might slip back to the 1.1800 level.

But, if support forms here, then we could see renewed bullish bets for the common currency.

This bias will shift if the euro loses the 1.1800 level of support. It could potentially open the downside risk toward the 1.1600 handle once again.

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