EURUSD Likely to Challenge Previous Highs

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The euro currency is once again back on the front foot as price action inches closer to test the previously established two and a half year high at 1.2176.

The gains come as the common currency eased back from its declines earlier this week. Currently, the upside momentum is held by the support from the trend line.

However, it will now be critical for the euro to break past the previous barrier. Failure to break out from this two and half year high could result in a possible reversal in price action.

This would in turn once again shift focus to the downside.

The key support level is near 1.1900. Therefore, in the event that the EURUSD fails to break out any higher, we could probably expect a near term correction in price action.

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