The euro currency was posting strong gains on Monday, but price action gave back those gains intraday.
The bullish momentum saw the euro testing 1.2000 level once again for the first time in two months.
Following this brief retest, the common currency gave back the gains rather quickly.
The declines saw the euro falling to the trendline support. As long as this support holds, we could see some near term bounce to the upside.
The risks to the downside are also significant. If the euro loses the trendline support, then we expect to see a move back to the 1.1900 level.