The euro currency continues to push higher, rising for the third consecutive day, to a two-week high.
The gains, however, are slowing as price moves closer to the 1.2144 –” 1.2177 level of resistance. We also continue to see the hidden bearish divergence on the chart, which could suggest a pullback.
To the downside, price is likely to stall near the 1.2050 level of support for the moment. However, a close below this level could see the Feb 5 lows of 1.1952 come into the picture.
If the current bullish moment continues, then the euro currency will need to break out above 1.2177 to confirm further upside.
