EURUSD Rebounds Off Trend Line Support

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The euro is looking to make back the losses from earlier in the day.

After prices fell to a two-day low, the euro quickly recovered from the declines.

This coincides with the trend line and the horizontal support near 1.2177.

A near double bottom pattern has also emerged near the day’s lows of 1.2129.

If the current gains continue, then the EURUSD will face the upside resistance from 17 Dec highs of 1.2272.

If this level gives way, then the double bottom pattern could be in play. The minimum upside could be a target of 1.2415.

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