EURUSD (1.1740): The EURUSD closed with a spinning bottom candlestick pattern yesterday. This comes just a few pips above the support level at 1.1700. Price action remains biased to the upside, despite the declines in the past few days. In the near term, we can expect EURUSD to touch down to the support level at 1.1700. This will potentially see the common currency attempting to bounce off this level. To the upside, the previous resistance formed at 1.1843 – 1.1822 is likely to be tested once again. A breakout from this resistance or support level will determine the next leg of direction in the EURUSD.
