The euro currency is on track for a three-day back to back gain. Price action is recovering sharply following the declines during the middle of last week.
For the moment, price action will be challenging last week’s highs of 1.2168. A convincing breakout above the resistance area of 1.2177 will put the bullish bias back on the table.
Currently, the 4-hour chart is also shaping up to show an inverse head and shoulders pattern. Therefore, a successful breakout above 1.2177 will push the euro currency toward 1.231 level at the very least.
This will mark a lower high comparing to the highs from January this year.
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