Euro Trades Subdued but Supported by the Trend-Line

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The euro currency is trading rather mixed, a day after prices almost closed flat on Tuesday.

Overall, the long-term trendline on the daily chart is supportive of prices. Therefore, we could see price action attempt to push higher.

The 50-day moving average is also close and could come in as dynamic support. For the near term though, the EURUSD currency pair will need to close convincingly above the resistance area of 1.2177 and 1.2144.

This resistance area is proving hard to break out in the near term. Therefore, there is a very good chance that the EURUSD might remain in a sideways range for now.

To the downside, the 1.2050 level will hold the currency pair from posting further declines.

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