The euro currency managed to pull back after hitting a two-week low during the week. Price action remains steady within the 1.2050 and 1.2144 levels for the moment.
The overall trend remains flat with the key price level established. Only a strong break out from either of these levels will indicate further direction in the trend.
The Stochastics oscillator on the daily chart could likely signal a move to the upside.
However, for this to happen, the euro currency will need to break out above 1.2177 – 1.2144 levels.
To the downside, support is firmly established at 1.2050 which has held up on the previous retest.