The euro currency is trading weaker on Monday following two daily sessions of gains previously. Price action remains confined below the 1.2144 level of resistance.
Given the current pace of declines, the EURUSD currency pair is likely to test the 1.2050 level of support more firmly.
We expect the support level near 1.2050 to hold up for the moment. As a result, the EURUSD could maintain a sideways range within 1.2144 and 1.2050 levels.
The stochastics oscillator is currently moving closer to the oversold levels. Therefore, we could expect to see prices rebounding off the 1.2050 handle.
In the unlikely event that the EURUSD loses the 1.2050 support, we could expect to see a larger correction down to 1.1900.
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