EURUSD Retreats After Rising to a Two and a Half Year High

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The euro currency continued its bullish rise as price action touched intraday highs of 1.2211. However, prices retreated ahead of the FOMC meeting.

The declines put the EURUSD back below the key support area of 1.2177. A continued close below this level could see the EURUSD posting a correction.

The trend line will initially serve as the short term dynamic support. But a break down below the trend line could extend the euro declines down to the 1.2050 level next.

To the upside, a strong close above 1.2177 could see the euro aiming for further gains.

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