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The euro kicked off the week on a bullish note, gapping higher.

The bullish momentum managed to push price back to briefly test the Dec 4 highs near 1.2177.

However, the common currency gave back the gains rather briefly.

As a result, we now have a possible double top pattern.

However, a lot will have to be seen as the trend line continues to act as a dynamic support.

As long as this trend line holds, the EURUSD still has scope to the upside.

But a break down from the trend line will accelerate the declines and could possibly see the double top pattern playing out.

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