The euro currency posted gains on Friday, marking an end to four consecutive daily declines. The rebound comes after price reversed near a three-month low of 1.1951.
As a result, prices pared losses to close on Friday near 1.2050. This level initially served as support.
If price action forms resistance here, then we expect to see the EURUSD trading within the price band of 1.2050 and 1.1951.
A breakout from this range will further set the direction.
To the downside, the next support level is at 1.1900. To the upside, a strong close above 1.2050 could open the way for price to test the 1.2144 level next.
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