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EURUSD Struggles to Breakout

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The euro currency is trading rather subdued today following a sharp reversal on Friday. Price action rallied back to the technical resistance area of 1.2050.

However, after a brief intraday breakout above this technical resistance, the EURUSD is seen giving back the gains quickly.

A daily confirmed close below 1.2050 could potentially open the way to the downside. However, the stochastics oscillator good show a possible move to the upside.

In the daily chart timeframe, we however see that this consolidation is also taking place near the major trendline.

As a result, the bias remains mixed for the moment. The downside could confirm with a close below Friday’s low near 1.1951.

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