EURUSD Heading Lower

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The euro currency attempted to rise higher but gave back the intraday gains. The rebound off the 1.2177 level of support was met with resistance from the trendline.

With prices heading lower, the previous support level near 1.2177 comes under pressure.

The Stochastics oscillator is also signaling a hidden bearish divergence. This could mean that price action will drift lower if the support breaks.

Below 1.2177, the next key area of support will be the 1.2050 level.

Given that this support area was not firmly tested before, we expect to see a possible test of this level.

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