Forex Trading Library

Euro Inches Closer to 1.2050

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The euro currency resumes the declines with prices now inching closer to the 1.2050 level of support.

The declines come as the euro currency remains in a short term downtrend for the moment. This is evident from the lower highs that have been forming since prices retested the trendline from below on the 6th of January.

The current declines to the 1.2050 could see a possible rebound taking place. This will most likely keep the EURUSD within a sideways range of 1.2177 and 1.2050.

A break out from this range could possibly set the direction for the next leg.

The stochastics oscillator is oversold and therefore coincides with the support level near 1.2050 likely to hold up in the short term.

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