The euro currency managed to pull back after hitting a two week low during the week. Price action remains steady within the 1.2050 and 1.2144 levels for the moment.
The overall trend remains flat with the key price level established. Only a strong break out from either of these levels will indicate further direction in the trend.
The Stochastics oscillator on the daily chart could likely signal a move to the upside.
However, for this to happen, the euro currency will need to break out above 1.2177 – 1.2144 levels.
To the downside, support is firmly established at 1.2050 which has held up on the previous retest.