EURUSD Pares Gains Near Trend-Line

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The euro currency is down about 0.20% intraday. The declines come right after the common currency rose to a new two and a half year high.

However, the test of the trendline from below indicates strong resistance here. For the moment, the current continuation remains questionable.

The euro currency will need to post a strong decline and a lower high to confirm the start of a correction.

For now, the initial support is near the 1.2215 level. As long as this level holds, the upside bias in the euro remains intact.

The Stochastics oscillator is also quite overbought and gives scope for further declines in the common currency.

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