EURUSD Likely to Test 1.2050 Support

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The euro currency is giving back the gains made earlier. The declines come following a rebound off the 1.2177 minor support from Tuesday.

Following this rebound, prices failed to make any major gains, but only to fill the Dec 18 gap of 1.2252.

After this move, the common currency proceeded to give back the gains. Price action is now testing the previously held support area near 1.2177.

However, it is likely that price action could break this support.

It will then open up the declines toward the 1.2050 level of support.

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