Euro Extends Gains but Hits Trend Line Resistance

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The euro currency reversed the declines from Monday and managed to post moderate gains on Tuesday.

However, prices were met with the trendline resistance once again. After being rejected near this level, the euro currency is likely to head lower.

The current highs formed also make for a lower high, comparing to the highs from 17 and 18 December. A follow-through to the downside would confirm the bearish view. Still, there is scope for the euro to push higher.

The bias will shift to the downside only when the EURUSD can break down below the 1.2177 level of support. A close below this level will potentially confirm a move toward the 1.2050 level next.

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