EURUSD Perched in Resistance Area

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The euro currency is strongly consolidating within the resistance levels of 1.2177 and 1.2144.

Price action managed to rise to the upper level of the range before giving back the gains. The volatility in the tight range comes as the Federal Reserve Chairman Jerome Powell testifies to Congress.

A breakout above 1.2177 could open the way for the common currency towards wider gains. This will potentially see price action rising to test the highs from January this year.

Alternately, if prices fail near the resistance level then we expect a move back lower.

To the downside, support at 1.2050 should hold the declines for the moment.

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