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EURUSD Subdued Amid Thin Trading

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The euro was trading subdued, with price action once again attempting to retest the resistance level near 1.2144.

Price action in the EURUSD is somewhat flat with the US markets closed on account of the president’s day holiday today.

The short term trend appears to be flat for the moment unless the common currency is able to break out above the resistance area between 1.2144 and 1.2177.

Meanwhile, the stochastics oscillator is posting a lower high. This could suggest a short-term correction to the downside.

The support level near 1.2050 is likely to remain the downside target for the moment.

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