EURUSD (1.1231): The EURUSD closed last week on a bearish note finally breaking the range. However, price action is still not out of the woods for the moment. Price briefly tested the 1.1200 level before pulling back modestly. On the weekly time frame, the EURUSD remains bearish, trading within the descending price channel. If price breaks below this support, the common currency could extend declines down to 1.0728 where an unfilled gap from April 16, 2017, could be filled. Price action on the lower time frames remains choppy at best. The current rebound in prices could see the EURUSD testing 1.1296 where resistance is likely to be established in the near term.
