The euro currency is posting a modest rebound intraday after falling to a four week low earlier on Thursday.
The rebound comes as the recent dollar gains take a pause, awaiting more news on the new stimulus talks.
Price action in the euro remains currently below the 1.2177 level. Therefore, a continuation to the upside could see this level coming in as resistance.
Only a strong breakout above this level could rekindle the upside bias. The Stochastics oscillator is currently signaling a bullish divergence in this aspect.
Therefore, the price action near 1.2177 will be critical. To the downside, a continuation below current lows could see the 1.2050 level coming into the picture next.
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