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The common currency erased gains after it managed to rise steadily above the 1.1900 level.

Following the late FOMC meeting minutes, the euro fell as the dollar strengthened. This pushed the currency pair to close lower.

The Stochastics oscillator is rather oversold, which could signal a possible rebound in the short term.

However, the EURUSD will need to rise above the 1.18977 – 1.1900 region and probably close with strong gains. This will open the way for further gains to the 1.2000 handle.

To the downside, the current pace of declines could see the EURUSD falling back to the previous support level near 1.1714.

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