The euro currency was down over 0.41% into Friday’s close, marking the second session of consecutive declines. The drop comes after the euro touched highs of 1.2284 on Wednesday last week.
While it is too early to call for a correction, the current drop remains consistent with the overall view. The EURUSD has been in a strong uptrend with little to no major corrections.
For the moment, the line in the sand comes in at the 1.2177 level of support. If the euro loses this handle, then we expect to see a move to the 1.2050 level of support next.
While this could weaken the upside bias, there is still scope for a rebound. But a close below 1.2050 will no doubt accelerate the declines to 1.1900 next.
