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The euro currency retraced losses from yesterday. Price action attempted to retest yesterday’s highs near 1.1880 only to pull back later into the day.
Although the EURUSD is posting steady gains for four consecutive days, the upside momentum is fading.
This can also be seen from the 4-hour Stochastics oscillator which is likely to trigger a sell signal.
This could mean that the common currency is poised to push lower in the near term.
For the moment, prices could be supported near 1.1850. However, a close below this level will accelerate declines down to 1.1800.
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