The euro currency is attempting to pare losses from Wednesday. However, price action remains biased to the downside.
The short term intraday bounce led the common currency to briefly rise to the 1.2144 level of resistance.
A confluence of both the trendline and the horizontal resistance level is keeping prices capped below this level.
We expect the EURUSD to probably consolidate within 1.2144 and 1.2050 levels for the near term.
Given the fact that the support level near 1.2050 has not been tested yet, we expect prices eventually sliding to test this support level.
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