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The euro currency continues to post strong gains with price action trading above 1.2200. This has pushed the common currency to a new two year high.

The gains come after the common currency managed to break the key barrier near 1.2177. The current pace of gains could potentially send the euro to test the 1.2300 level next.

However, the stochastics oscillator is showing signs of exhaustion and as a result, we could see a possible pullback in prices.

The immediate support level sits near the 1.2177 and 1.2200 region. Establishing support at this level could potentially confirm possible gains if the euro manages to post higher highs.

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