EURUSD (1.1753): The EURUSD has managed to hold up above the 1.1688 support level multiple times. However, any subsequent bounce off this support has kept EURUSD posting lower highs. This consolidation has led to a descending triangle pattern that is currently forming. With the support now critical, a downside breakout could send the euro sliding towards the support level at 1.1552. In the near term, we expect to see the common currency continue to trade sideways. There is also a risk of an upside breakout in prices. This could come on a price breakout from the falling trend line. To the upside, the euro will need to struggle to break past the previous resistance at 1.18820.
