EURUSD Testing Trend-Line Support

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The euro currency opened the day, with a lower gap from Friday’s close.

The declines come as the US dollar is strengthening in the early session of the trading day.

News about a new strain of coronavirus is also pushing investors to a risk-off sentiment.

The euro is currently testing the trendline support and the 4 December highs of 1.2177.

A confluence of the trend line and the horizontal support should hold for the moment.

The stochastics oscillator is also oversold and could confirm a rebound off this level.

However, from here on if the EURUSD fails to post new highs, we could see a possible correction lower.

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