EURUSD Reversing Just Off 1.2050 Technical Support

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The euro currency posted a steady decline as price action reversed just a few pips of the 1.2050 level of support. The declines come on the back of a strengthening US dollar.

Speculation that the new Treasury Secretary, Janet Yellen will not be pursuing a weaker dollar policy has pushed the greenback higher. This has led to the euro posting a steady decline over the week.

Despite the rebound just above the 1.2050 level, the bias remains to the upside. Any gains are likely to stall near the 1.2177 level at best. A reversal near this level will confirm a further continuation lower.

On the other hand, we could expect the EURUSD to firmly test the current support near 1.2050.

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