EURUSD Pulls Back Off Recent Highs

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The euro currency was trading soft on Monday with price action closing nearly flat.

This comes as the euro continues to post a modest descent after briefly testing above 1.2170 last Friday.

For the moment, a local swing low has formed near 1.2080. As long as this low holds, we could see price action resuming the uptrend.

However, a close below this low and a potential retracement back to this level could confirm the downside.

The key support area is likely to come from the dynamic support of the trend line. This is likely to coincide near the 1.2000 level in the near term.

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