EURUSD (1.1702): The common currency weakened yesterday as price action was seen giving up the gains from the previous days. Support at 1.1688 is relatively close and could be tested in the short term. EURUSD continues to consolidate inside the descending wedge pattern as long as price remains supported above or close to 1.1688. A breakdown below this support could signal further declines invalidating the potential bullish outlook. To the upside, a breakout could result in EURUSD testing the resistance level at 1.1822 where resistance is most likely to be formed.
