EURUSD Drops into the Year-End

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The euro was down over 0.63% into the yearly close.

The declines come amid thin trading and the US dollar posting a modest rebound. The euro has been consolidating near the rising trend line over the past few days.

While price action was making modestly higher highs, the pace of gains was gradual. The slowing momentum has led to a decline off the trendline consolidation.

If the current declines continue, the euro could be looking to test the 1.2177 level of support.

However, with the Stochastics oscillator somewhat oversold we may expect to see a modest rebound in prices.

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