The euro currency snapped strongly above the 1.2050 level, but price action formed a lower high.
The hidden bearish divergence on the chart could, however, see prices pushing lower.
To the downside, the euro currency is forecast to push down lower to the 1.2050 level of support.
If price breaks down below this level, then we expect further downside.
The previous low near 1.1953 will however need to crash lower to continue the downtrend.
But the support level near 1.2050 level will act as the line in the sand.