The euro currency is posting strong gains, rising over one percent on the day. The gains largely on the back of a weakening US dollar.
Earlier on Monday, the euro gave back the gains after testing the 1.2000 level. However, this decline saw prices retesting the trend line for support.
A rebound from this trend line saw price action breaking past this previous resistance level.
At the time of writing, the EURUSD currency pair is trading above the 1.2000 level.
The Stochastics oscillator is however posting a lower high. This could signal a possible correction in the near term.
The lower price level of 1.1900 is likely to act as support during this retracement.
