EURUSD (1.1595): The euro currency extended declines briefly touching down to 1.1540 on a stronger greenback. The currency pair promptly reversed the losses but closed bearish on the day. The sharp retest of the support level led to a rebound in price action which is currently capped by the 20-day moving average. A decline back to 1.1540 is expected in the near term. An expected reversal off the 20-period moving average could see price action retesting 1.1540 more firmly. Following this, we expect to see a rebound back to 1.1626 levels or even higher. To the downside, a break down below 1.1540 could trigger further declines down to 1.1366
