EURUSD Pulls Back as Investors Look for Direction

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The euro currency is trading bullish, paring losses from Wednesday.

The gains in the EURUSD come after the common currency lost the 1.1800 handle earlier. However, prices are trading just above this key support area.

We could see quite a bit of consolidation taking place at this level in the near term.

Unless there is a strong continuation to the upside, the EURUSD might be trading flat for the near term.

To the downside, the risks toward a drop to 1.1715 remains in place.

However, the Stochastics oscillator is currently pointing higher, suggesting that there might be further room for price to rise.

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