EURUSD Posts Gains but Upside Momentum Easing

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The euro currency managed to continue posting gains. Price action rose close to April 2018 highs before easing back.

The trendline is acting as dynamic resistance/support as prices continue to consolidate strongly around this level.

For the moment, the Stochastics oscillator is also showing signs of exhaustion to the upside.

Price action will need to post a convincing decline below 1.2235 to confirm the downside. A daily close below this level will open the way for the common currency to post further declines.

The next main support area will be near the 1.2177 level.

We could expect the EURUSD to hold up near this support. But a close below this level will open the way for a decline to the 1.2050 level of support next.

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