Euro Recoups Losses

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The euro currency pared losses from Monday as the US dollar weakened on Tuesday.

Price action continues to remain to consolidate near the key resistance area of 1.2177 – 1.2144.

Since Friday, the euro currency has been stuck in this resistance area. Meanwhile, the ascending triangle pattern continues to remain in play.

For price to continue to push higher, a breakout above the 1.2177 level is needed.

To the downside, a breakdown of the trend line could open the way for the euro to retest the 1.2050 level a bit more firmly.

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