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Euro Attempts to Pare Losses

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The euro currency is making a solid recovery, in a bid to recoup the losses from Wednesday.

Price action is posting a reversal after it broke out from the long term daily trendline for the second time.

However, the current pace of gains coincides with likely resistance from the trendline and the 50-day moving average.

If the euro fails to close above Wednesday’s highs of 1.2107, then we might expect to see a continuation lower.

For the moment, the support level near 1.2050 might help to stall further declines in the currency pair.

But a daily close once again below this level will confirm further downside.

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