Forex Trading Library

EURUSD Back Near 1.2144 Resistance Area

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The euro currency has now posted back-to-back gains for two consecutive sessions. As a result, price action is trading back near the technical resistance area of 1.2144.

However, price action remained somewhat mixed as the buyer still remains to the upside. A strong reversal of the resistance area near 1.2144 could potentially confirm the downside.

For the moment, we expect the EURUSD to consolidate between the 1.2144 and 1.2050 levels. Further gains can only be expected if the common currency can close strongly above the 1.2177 level.

The stochastics oscillator continues to remain rather subdued and points to a possible drop towards the 1.2050 technical support.

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